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cik0000787441:S000006899Summary41Member cik0000787441:S000006899Member cik0000787441:ICEBofAUSConvertibleIndexMember 2025-01-01 2025-12-31 0000787441 cik0000787441:S000006899Summary41Member cik0000787441:S000006899Member cik0000787441:ICEBofAUSConvertibleIndexMember 2021-01-01 2025-12-31 0000787441 cik0000787441:S000006899Summary41Member cik0000787441:S000006899Member cik0000787441:ICEBofAUSConvertibleIndexMember 2016-01-01 2025-12-31 iso4217:USD pure 2026-02-28 MLAAX MLINX MLACX MLAIX MLRRX MLRTX MLGRX MLRSX MLRMX MSOAX MCSSX MGOCX MSOIX MCSDX MAPAX MSMIX MMPCX MUBFX MMPDX NYLI Winslow Large Cap Growth Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks long-term growth of capital.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 142 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0.0500 0 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0025 0.0025 0.0100 0 0 0.0025 0.0050 0 0.0050 0.0009 0.0025 0.0025 0.0009 0.0019 0.0019 0.0019 0.0003 0.0008 0.0095 0.0111 0.0186 0.0070 0.0080 0.0105 0.0130 0.0064 0.0119 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 -0.0001 0.0094 0.0110 0.0185 0.0069 0.0079 0.0104 0.0129 0.0063 0.0118 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 641 607 188 288 70 81 106 131 64 120 835 834 584 584 223 254 333 411 204 377 1046 1080 1005 1005 389 443 578 712 356 653 1651 1783 1983 1983 870 989 1282 1567 797 1442 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 84% of the average value of its portfolio. </p> 0.84 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization companies, which are companies having a market capitalization in excess of $4 billion at the time of purchase. Typically, Winslow Capital Management, LLC, the Fund's Subadvisor, invests substantially all of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to 20% of its net assets in foreign securities. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third-party such as Bloomberg. </p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund, which the Subadvisor defines as the median exchange-traded fund or mutual fund based on performance taking into account the entire U.S. equity exchange-traded fund and mutual fund universe) over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average future earnings and cash flow growth with management focused on shareholder value.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">When purchasing stocks for the Fund, the Subadvisor looks for companies typically having some or all of the following attributes: addressing markets with growth opportunities; leads or gains in market share; identifiable and sustainable competitive advantages; managed by a team that can perpetuate the firm's competitive advantages; high, and preferably rising, returns on invested capital; deploys excess cash flow to enhance shareholder return; and demonstrates sound corporate governance. As part of its qualitative assessment of each potential investment, the Subadvisor evaluates the company’s non-financial performance among certain environmental, social and governance (“ESG”) factors. The Subadvisor then determines which ESG factors may be material to a company’s future financial performance. This involves an evaluation of how the company integrates particular ESG risks and opportunities into its corporate strategy through, for example, improving governance practices, aligning management team incentives and increasing transparency into its ESG practices. The Subadvisor may give consideration to ESG factors including, but not limited to, impact on or from climate change, natural resource use, waste management practices, human capital management, product safety, supply chain management, corporate governance, business ethics and advocacy for governmental policy.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">ESG factors are evaluated by the Subadvisor based on data provided by independent ESG research vendors. The evaluation of ESG factors is integrated as one of several aspects of the Subadvisor’s investment process and the Subadvisor does not forgo potential investments strictly based on the evaluation of ESG factors.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor takes a "bottom-up" investment approach when selecting investments. This means it bases investment decisions on company specific factors, not general economic conditions.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Subadvisor employs a sell discipline pursuant to which it may sell some or all of its position in a stock when a stock becomes fully valued, the fundamental business prospects are deteriorating, or the position exceeds limits set by the Subadvisor.</p> Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in large capitalization companies, which are companies having a market capitalization in excess of $4 billion at the time of purchase. Typically, Winslow Capital Management, LLC, the Fund's Subadvisor, invests substantially all of the Fund's investable assets in domestic securities. However, the Fund is permitted to invest up to 20% of its net assets in foreign securities. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third-party such as Bloomberg. Investment Process: The Fund invests in those companies that the Subadvisor believes will provide an opportunity for achieving superior portfolio returns (i.e., returns in excess of the returns of the average stock mutual fund, which the Subadvisor defines as the median exchange-traded fund or mutual fund based on performance taking into account the entire U.S. equity exchange-traded fund and mutual fund universe) over the long term. The Subadvisor seeks to invest in companies that have the potential for above-average future earnings and cash flow growth with management focused on shareholder value. <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor will give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Capitalization Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization.  Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments.  Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods.  In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments.  There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Growth Stock Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. </p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and two additional indexes over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Russell 3000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 1000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Growth Index and the S&amp;P 500</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index, which are generally representative of the market sectors or types of investments in which the Fund invests. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">28.27</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2022, Q2</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-22.24</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.2827 Worst Quarter 2022-06-30 -0.2224 Average Annual Total Returns (for the periods ended December 31, 2025) 2005-04-01 0.1460 0.1277 0.1622 0.0988 0.0873 0.1256 0.1128 0.0922 0.1234 1995-07-01 0.0792 0.1122 0.1527 2008-02-28 0.0846 0.1117 0.1513 2005-04-01 0.1286 0.1148 0.1491 2005-04-01 0.1440 0.1264 0.1608 2005-04-01 0.1409 0.1237 0.1580 2006-04-28 0.1388 0.1210 0.1552 2013-06-17 0.1472 0.1286 0.1632 2020-08-31 0.1398 0.1213 0.1212 Russell 3000® Index1 0.1715 0.1315 0.1429 Russell 1000® Growth Index2 0.1856 0.1532 0.1813 S&P 500® Index3 0.1788 0.1442 0.1482 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.</p> After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI WMC Enduring Capital Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks long-term growth of capital.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 142 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0.0500 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0.0055 0.0055 0.0025 0.0025 0.0100 0 0 0.0012 0.0036 0.0036 0.0012 0.0005 0.0092 0.0116 0.0191 0.0067 0.0060 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 639 612 194 294 68 61 827 850 600 600 214 192 1031 1106 1032 1032 373 335 1619 1839 2038 2038 835 750 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio. </p> 0.15 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in common stocks. The Fund invests in common stocks of U.S. companies with market capitalizations that, at the time of investment, are similar to the market capitalizations of companies whose stocks are included in the Standard &amp; Poor's 500</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index ("S&amp;P 500</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index”) (which ranged from $5.8 billion to $4.5 trillion as of December 31, 2025) or the Russell 3000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index (which ranged from $1.3 million to $4.5 trillion as of December 31, 2025). The Fund may also invest in securities of foreign issuers, including securities of emerging market country issuers. An issuer of a security is </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third-party such as Bloomberg. Wellington Management Company LLP, the Fund’s Subadvisor (the “Subadvisor”), defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Fund may also invest in real estate investment trusts (“REITs”). REITs are pooled investment vehicles that invest primarily in either real estate or real estate-related loans.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Subadvisor seeks to identify companies that have a decades-long perspective, and resilient businesses run by owner-minded executives skilled at capital allocation. When purchasing stocks for the Fund, the Subadvisor assesses the strength and resilience of each company’s business, opportunities for growth and investment in the business, management, quality and capital allocation skill and valuation. The Subadvisor may sell a security due to a company’s reduced cash flow resiliency, fewer growth opportunities, or adverse changes to the management team and culture. To better assess strategic business issues that impact the performance of a company, the Subadvisor may also give consideration to financially material environmental, social and/or governance (“ESG”) factors. The Subadvisor has discretion to determine the materiality of, as well as the level at which, financially relevant ESG factors are imbedded into its overall fundamental analysis when making an investment decision.</span></p> <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting, corporate governance and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from actual or threatened wars, military conflicts, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Capitalization Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization.  Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments.  Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods.  In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">improvements in technology, and may suffer sharper price declines as a result of earnings disappointments.  There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Growth Stock Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> If growth companies do not increase their earnings at a rate expected by investors, the market price of the stock may decline significantly, even if earnings show an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. These risks may be more pronounced in companies that are in the earlier stages of their growth cycle.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Stock Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value stocks may never reach what the Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Real Estate Investment Trust Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in REITs involve risks associated with direct ownership of real estate, including losses from casualty or condemnation, changes in local or general economic conditions, fluctuations in supply and demand, decline in property values, extended vacancies, increases in property taxes, lack of availability of mortgage financing, variations in rental income and changes in interest rates. Additionally, the appreciation of securities issued by a REIT depends, in part, on the skills of the REIT’s manager. REITs may not be diversified, may experience substantial cost in the event of borrower or lessee defaults and are subject to heavy cash flow dependency. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk. </span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Russell 3000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index to represent a broad measure of market performance. The table also includes the average annual returns of the S&amp;P 500</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index, which is generally representative of the market sectors or types of investments in which the Fund invests. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former subadvisor, transitioned to MacKay Shields LLC. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Effective March 5, 2021, the Fund replaced its subadvisor and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisor and principal investment strategies.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">21.45</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2020, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-20.70</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.2145 Worst Quarter 2020-03-31 -0.2070 Average Annual Total Returns (for the periods ended December 31, 2025) 2004-12-28 -0.0036 0.0894 0.1080 -0.0135 0.0785 0.0963 0.0048 0.0682 0.0855 1998-06-01 -0.0605 0.0745 0.0990 2008-02-28 -0.0580 0.0732 0.0963 1998-09-01 -0.0251 0.0762 0.0943 2021-04-26 -0.0029 0.0639 Russell 3000® Index1 0.1715 0.1315 0.1429 S&P 500® Index2 0.1788 0.1442 0.1482 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI WMC Value Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks long-term appreciation of capital.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 142 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0.0500 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0066 0.0066 0.0066 0.0066 0.0066 0.0025 0.0025 0.0100 0 0 0.0011 0.0032 0.0032 0.0011 0.0004 0.0102 0.0123 0.0198 0.0077 0.0070 0.0000 0.0000 0.0000 -0.0007 0.0000 0.0102 0.0123 0.0198 0.0070 0.0070 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 648 619 201 301 72 72 857 871 621 621 239 224 1082 1142 1068 1068 421 390 1729 1914 2113 2113 948 871 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43% of the average value of its portfolio. </p> 0.43 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund invests in equity securities issued by companies of any size or market capitalization range. While the Fund does not limit its investments to issuers within a particular capitalization range, it generally invests in large capitalization companies (as represented by the market capitalization range of the Russell 1000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index, which ranged from $1 billion to $4.5 trillion as of December 31, 2025). The Fund may invest in securities of foreign issuers, including securities of emerging market country issuers. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. Wellington Management Company LLP, the Fund’s Subadvisor (the “Subadvisor”), defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Fund may also invest in American Depositary Receipts.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Subadvisor, seeks to identify companies that are financially sound but temporarily out-of-favor, and that provide above-average potential total returns at below average valuations. The Subadvisor employs a “bottom-up” approach to investment research and seeks to capitalize on investor behavioral biases by investing in companies with an attractive combination of valuation, quality, and capital return, and by taking a long-term view. Quality can be assessed across metrics including free cash flow margin, return on invested capital and net debt to EBITDA (earnings before interest, taxes, depreciation and amortization). The Subadvisor may sell stocks when the Subadvisor’s target price is achieved, the Subadvisor’s fundamental outlook with respect to the stock has changed, or in the event the Subadvisor believes more attractive investment alternatives exist. To better assess strategic business issues that impact the performance of a company, the Subadvisor may also give consideration to financially material environmental, social and/or governance (“ESG”) factors. The Subadvisor has discretion to determine the materiality of, as well as the level at which, financially relevant ESG factors are imbedded into its overall fundamental analysis when making an investment decision.</span></p> <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisors may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Stock Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value stocks may never reach what the Subadvisors believe is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Capitalization Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization.  Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments.  Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods.  In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">improvements in technology, and may suffer sharper price declines as a result of earnings disappointments.  There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Depositary Receipts Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Investments in depositary receipts may entail the special risks of investing in foreign securities, including currency exchange fluctuations, government regulations, and the potential for political and economic instability.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting, corporate governance and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from actual or threatened wars, military conflicts, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.</span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Russell 3000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 1000</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">^®</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal investment strategies changed effective February 28, 2017 and March 13, 2017. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Effective April 26, 2021, the Fund replaced both of its subadvisors and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">22.20</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2020, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-25.79</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.2220 Worst Quarter 2020-03-31 -0.2579 Average Annual Total Returns (for the periods ended December 31, 2025) 1971-01-21 0.1473 0.1094 0.1204 0.1268 0.0714 0.0920 0.0989 0.0788 0.0920 1999-06-09 0.0805 0.0935 0.1109 2008-02-28 0.0844 0.0920 0.1083 1999-06-09 0.1226 0.0949 0.1062 2021-04-26 0.1472 0.0847 Russell 3000® Index1 0.1715 0.1315 0.1429 Russell 1000® Value Index2 0.1591 0.1133 0.1053 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. MGHAX MGHHX MHYCX MGHIX MHCAX MHHIX MYHCX MHYIX MHYRX MHYTX MHYSX MHHSX MASAX MSYDX MSICX MSDIX MSYEX MGVAX MGVNX MGVCX MGOIX MGVDX MTBAX MKINX MTFCX MTSPX MTBIX MTBDX MMAXX MKTXX MSCXX MIPXX MTRAX MTINX MCTRX MTOIX MTODX MTISX MCOAX MCINX MCCVX MCNVX NYLI Candriam Emerging Markets Debt Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks total return.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 202 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) 0.0450 0.0400 0 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0070 0.0070 0.0070 0.0070 0.0025 0.0025 0.0100 0 0.0028 0.0081 0.0081 0.0023 0.0123 0.0176 0.0251 0.0093 -0.0008 -0.0026 -0.0026 -0.0008 0.0115 0.0150 0.0225 0.0085 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 562 547 228 328 87 815 908 757 757 288 1088 1293 1312 1312 507 1865 2370 2642 2642 1136 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 104% of the average value of its portfolio. </p> 1.04 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in fixed income securities of issuers in emerging markets. Fixed income securities are debt obligations and similar instruments that represent a creditor relationship with an issuer or trust and generally provide for the payment of interest (fixed, floating, or otherwise variable) and the repayment of principal, whether at maturity or over time. An issuer of a security is considered to be an emerging market issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third-party such as Bloomberg. Candriam, the Fund’s Subadvisor, has discretion to determine the countries considered to be emerging market countries, including taking into consideration a variety of factors such as the development of a country’s financial and capital markets and inclusion in an index, such as the J.P. Morgan Emerging Market Bond Index, considered by the Subadvisor to be representative of emerging markets. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The securities in which the Fund invests may be denominated in foreign currency. The debt securities in which the Fund invests may consist of securities that are rated below investment grade. Below investment grade securities are generally securities that receive low ratings from a nationally recognized statistical rating organization (“NRSRO”) (such as securities rated lower than BBB- and Baa3), or if unrated, are deemed to be of comparable quality by the Subadvisor. Securities rated below investment grade by a NRSRO are commonly referred to as “high yield securities” or “junk bonds.” If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security's credit quality. The Fund may invest in fixed income securities of any duration or maturity.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund's principal investments include sovereign, quasi-sovereign and corporate Eurobonds. The Fund may invest in floating rate notes and inverse floating rate notes. The Fund may also invest in derivative instruments, such as forward commitments, futures, options and swap agreements to try to enhance returns or reduce the risk of loss by hedging certain of its holdings. The Fund may invest up to 20% of its total assets in swaps, including credit default swaps and credit default swap indices. The Fund may buy and sell currency on a spot basis, buy foreign currency options, and enter into foreign currency forward contracts. These techniques may be used for any purpose, including to seek to increase the Fund's return. </p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Subadvisor identifies investment opportunities by deploying a relative value focused investment approach. The approach consists of three primary layers of analysis. The first layer assesses medium-term sovereign creditworthiness and sets up the basis for identifying the second and third layer investment opportunities, which are relative country (second layer) and instrument (third layer) investment opportunities. The Subadvisor also considers key fundamental macro-economic drivers such as growth and inflation dynamics, internal and external imbalances as well as structural reform and political risk trends. The investment approach is aware of environmental, social and governance (“ESG”) risks as ESG factors are explicitly integrated in the sovereign creditworthiness analysis. The Subadvisor may avoid investments in sovereign or corporate issuers where the combination of fundamental and ESG risks are not appropriately reflected in valuations.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In addition, the Subadvisor implements a Controversial Activity Exclusion policy related to companies and industries involved with the production of coal, tobacco products, chemical, biological or white phosphorus weapons, and gambling. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objective of the Fund.</p> <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. In addition, the Subadvisor's exclusionary ESG screen may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting, corporate governance and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from actual or threatened wars, military conflicts, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Sovereign Debt Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The debt securities issued by sovereign entities may decline as a result of default or other adverse credit event resulting from a sovereign debtor's unwillingness or inability to repay principal and pay interest in a timely manner, which may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is increased for emerging market issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High-Yield Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Floating Rate Notes and Variable Rate Notes Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Floating and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many floating rate notes and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”). </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Swaps may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment to another and may entail the risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity and Valuation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance. These risks are heightened for fixed-income instruments in a changing or volatile interest rate environment.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Currency Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in the value of foreign (non-U.S.) currencies relative to the U.S. dollar may adversely affect investments in foreign currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign currencies. These changes in value can make the return on an investment go up or down, entirely apart from the quality or performance of the investment itself. The Subadvisor may seek to reduce currency risk by hedging all or part of the exposure to various foreign currencies by engaging in hedging transactions, including swaps, futures, forward currency contracts and other derivatives. However, these transactions and techniques may not always work as intended, and in certain cases the Fund may be worse off than if it had not engaged in such hedging practices. In addition, certain market conditions may make it impossible or uneconomical to hedge against currency risk.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market/Short-Term Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the JPMorgan EMBI Global Diversified Index to represent a broad measure of market performance. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Effective February 28, 2017, the Fund's principal investment strategies changed. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the bar chart and table prior to those dates reflects the Fund’s prior subadvisor, investment objective and principal investment strategies. </p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">15.27</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2020, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-18.72</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.1527 Worst Quarter 2020-03-31 -0.1872 Average Annual Total Returns (for the periods ended December 31, 2025) 2007-08-31 0.1343 0.0184 0.0461 0.1028 -0.0083 0.0228 0.0785 0.0017 0.0251 1998-06-01 0.0817 0.0063 0.0384 2008-02-28 0.0834 0.0031 0.0349 1998-09-01 0.1098 0.0036 0.0321 JPMorgan EMBI Global Diversified Index1 0.1430 0.0178 0.0440 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI MacKay High Yield Corporate Bond Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks maximum current income through investment in a diversified portfolio of high-yield debt securities. Capital appreciation is a secondary objective.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 202 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) 0.0450 0.0400 0 0 0 0 0 0 0 0 0.0100 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0054 0.0054 0.0054 0.0054 0.0054 0.0054 0.0054 0.0054 0.0025 0.0025 0.0100 0 0.0025 0.0050 0 0.0050 0.0018 0.0037 0.0037 0.0018 0.0028 0.0028 0.0003 0.0012 0.0097 0.0116 0.0191 0.0072 0.0107 0.0132 0.0057 0.0116 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 545 513 194 294 74 109 134 58 118 745 754 600 600 230 340 418 183 368 962 1013 1032 1032 401 590 723 318 638 1586 1753 2038 2038 894 1306 1590 714 1409 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio. </p> 0.34 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in high-yield corporate debt securities, including all types of high-yield domestic and foreign corporate debt securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) or that are unrated but are considered to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor. Corporate debt securities are bonds and other debt securities, including preferred stock, convertible corporate securities and loans and loan participations, issued by corporations and other business structures. The issuer usually pays a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Securities that are rated below investment grade by NRSROs (such as securities rated lower than BBB- and Baa3) are commonly referred to as “high-yield securities” or "junk bonds." If NRSROs assign different ratings to the same security for purposes of determining the security's credit quality, the Fund will use the middle rating when three NRSROs rate the security. For securities where only two NRSROs rate the security, the Fund will use the higher rating. If only one rating is available for a security, the Fund will use that rating.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund's high-yield investments may also include convertible corporate securities, loans and loan participation interests. The Fund may invest up to 20% of its net assets in common stocks and other equity-related securities. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may hold cash or invest in short-term instruments during times when the Subadvisor is unable to identify attractive high-yield securities. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In times of unusual or adverse market, economic or political conditions, the Fund may invest without limit in investment grade securities and may invest in U.S. government securities or other high quality money market instruments. Periods of unusual or adverse market, economic or political conditions may exist in some cases, for up to a year or longer. To the extent the Fund is invested in cash, investment grade debt or other high quality instruments, the yield on these investments tends to be lower than the yield on other investments normally purchased by the Fund. Although investing heavily in these investments may help to preserve the Fund's assets, it may not be consistent with the Fund's primary investment objective and may limit the Fund's ability to achieve a high level of income.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Subadvisor seeks to identify investment opportunities by analyzing individual companies and evaluating each company's competitive position, financial condition, and business prospects. The Fund invests in companies in which the Subadvisor has judged that there is sufficient asset coverage—that is, the Subadvisor's subjective appraisal of a company's value compared to the value of its debt, with the intent of maximizing risk-adjusted income and returns.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objectives of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the price of the security and meaningful changes in the issuer's financial condition and competitiveness.</p> <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High-Yield Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity and Valuation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance. These risks are heightened for fixed-income instruments in a changing or volatile interest rate environment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Participation Interest Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There may not be a readily available market for loan participation interests, which in some cases could result in the Fund disposing of such interests at a substantial discount from face value or holding such interests until maturity. In addition, the Fund may be exposed to the credit risk of the underlying corporate borrower as well as the lending institution or other participant from whom the Fund purchased the loan participation interests. The Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest and may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower. Substantial increases in interest rates may cause an increase in loan obligation defaults.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Floating Rate Loans Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The floating rate loans in which the Fund invests are usually rated below investment grade, or, if unrated, determined by the Subadvisor to be of comparable quality (commonly referred to as "junk bonds") and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments. Moreover, such investments may, under certain circumstances, be particularly susceptible to liquidity and valuation risks. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the value of the Fund's investments in floating rate loans are more likely to decline. The secondary market for floating rate loans is limited and, thus, the Fund’s ability to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may be impaired. In addition, floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments at an unfavorable time and/or under </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In certain circumstances, floating rate loans may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The terms of many floating rate loans and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”). </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer's financial condition becomes significantly impaired. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Swaps may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment to another and may entail the risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market/Short-Term Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Private Placement and Restricted Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. </span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The table also includes the average annual returns of the ICE BofA U.S. High Yield Constrained Index, which is generally representative of the market sectors or types of investments in which the Fund invests. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">9.50</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2020, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-12.56</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.0950 Worst Quarter 2020-03-31 -0.1256 Average Annual Total Returns (for the periods ended December 31, 2025) 2004-01-02 0.0670 0.0435 0.0599 0.0400 0.0202 0.0357 0.0392 0.0230 0.0356 1995-01-03 0.0165 0.0314 0.0523 2008-02-28 0.0213 0.0311 0.0512 1998-09-01 0.0447 0.0315 0.0483 2008-05-01 0.0633 0.0399 0.0561 2016-02-29 0.0629 0.0373 0.0560 2013-06-17 0.0710 0.0453 0.0614 2020-08-31 0.0640 0.0380 0.0434 Bloomberg U.S. Aggregate Bond Index1 0.0730 -0.0036 0.0201 ICE BofA U.S. High Yield Constrained Index2 0.0850 0.0450 0.0644 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI MacKay Strategic Bond Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks total return by investing primarily in domestic and foreign debt securities.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 202 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) 0.0450 0.0400 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0057 0.0057 0.0057 0.0057 0.0057 0.0025 0.0025 0.0100 0 0 0.0016 0.0042 0.0042 0.0016 0.0005 0.0098 0.0124 0.0199 0.0073 0.0062 0.0000 -0.0002 -0.0002 -0.0005 0.0000 0.0098 0.0122 0.0197 0.0068 0.0062 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 545 519 200 300 69 63 748 776 622 622 228 199 967 1052 1071 1071 401 346 1597 1838 2122 2122 902 774 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 136% of the average value of its portfolio. </p> 1.36 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks to achieve its investment objective through a flexible investment process that allocates investments across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible bonds; and variable or floating rate debt securities. Fixed income securities are debt obligations and similar instruments that represent a creditor relationship with an issuer or trust and generally provide for the payment of interest (fixed, floating, or otherwise variable) and the repayment of principal, whether at maturity or over time. The Fund may invest in debt securities that are rated investment grade and below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3). Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The securities may be denominated in U.S. or foreign currencies, and may have fixed, variable, floating or inverse floating rates of interest. The Fund may invest without limitation in securities of foreign issuers, including emerging markets. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. The currency exposure of non-U.S. investments may or may not be hedged. The Fund may invest up to 15% of its net assets in equity securities.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund intends to utilize various investment strategies in a broad array of fixed-income sectors to achieve its investment objective. The Fund will not be constrained by portfolio management relative to an index. Because the Fund does not track a fixed-income index, its performance may vary at times and demonstrate low correlation to traditional fixed-income indices. In pursuing its investment objective, the Fund’s investment strategy is subject to market risk and shares may gain or lose value. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The average portfolio duration of the Fund will normally vary from 0 to 7 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in derivatives, such as futures, options, forward commitments and interest rate swap agreements to try to enhance returns or reduce the risk of loss by hedging certain of its holdings or manage duration. The Fund may invest up to 25% of its total assets in swaps.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls).</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> MacKay Shields LLC, the Fund’s Subadvisor, seeks to identify investment opportunities through an investment process focused on macroeconomic analysis and bottom-up security selection. The Subadvisor allocates the Fund's investments among the various bond market sectors based on current and projected economic and market conditions. The Fund may invest across bond market sectors, geographies and credit qualities. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the domestic and foreign economies, and meaningful changes in the issuer's financial condition, including changes in the issuer's credit risk and competitiveness.</p> The Fund seeks to achieve its investment objective through a flexible investment process that allocates investments across the global fixed-income markets. The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a diversified portfolio of debt or debt-related securities such as: debt or debt-related securities issued or guaranteed by the U.S. or foreign governments, their agencies or instrumentalities; obligations of international or supranational entities; debt or debt-related securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; loan participation interests; convertible bonds; and variable or floating rate debt securities. Fixed income securities are debt obligations and similar instruments that represent a creditor relationship with an issuer or trust and generally provide for the payment of interest (fixed, floating, or otherwise variable) and the repayment of principal, whether at maturity or over time. The Fund may invest in debt securities that are rated investment grade and below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such securities rated lower than BBB- and Baa3). Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or “junk bonds.” If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The securities may be denominated in U.S. or foreign currencies, and may have fixed, variable, floating or inverse floating rates of interest. The Fund may invest without limitation in securities of foreign issuers, including emerging markets. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. The currency exposure of non-U.S. investments may or may not be hedged. The Fund may invest up to 15% of its net assets in equity securities. <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Zero Coupon Bond Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Because zero-coupon securities bear no interest and compound semi-annually at the rate fixed at the time of issuance, their value generally is more volatile than the value of other fixed-income securities. An investment in zero-coupon and delayed interest securities may cause the Fund to recognize income, and therefore the Fund may be required to make distributions to shareholders before the Fund receives any cash payments on its investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Bond Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Municipal bond risks include the inability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, as well as economic, regulatory or political developments which could affect the market for and value of municipal securities. Municipalities may experience economic and financial difficulties in an adverse economic environment. The ability of a municipal issuer to make payments and the value of municipal bonds can be affected by uncertainties in the municipal securities market. Such uncertainties or developments could cause increased volatility in the municipal securities market and could negatively impact the Fund’s net asset value.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Regulatory Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund as well as the issuers of the securities and other instruments in which the Fund invests are subject to considerable regulation and the risks associated with adverse changes in laws and regulations governing their operations. For example, regulatory authorities in the United States or other countries may prohibit or restrict the ability of the Fund to short sell certain securities, either generally or with respect to certain industries or countries, which may impact the Fund's ability to fully implement its investment strategies. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Swaps may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment to another and may entail the risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High-Yield Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Floating Rate Notes and Variable Rate Notes Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Floating and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many floating rate notes and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”). </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage Dollar Roll Transaction Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in mortgage-related securities (such as mortgage-backed securities) and other asset-backed securities generally involve a stream of payments based on the underlying obligations. These payments, which are often part interest and part return of principal, vary based on the rate at which the underlying borrowers repay their loans or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the underlying obligations and that, during periods of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's value. Enforcing rights against such collateral in events of default may be difficult or insufficient. The value of these securities may be significantly affected by changes in interest rates (or the expectations of such changes), the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Participation Interest Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There may not be a readily available market for loan participation interests, which in some cases could result in the Fund disposing of such interests at a substantial discount from face value or holding such interests until maturity. In addition, the Fund may be exposed to the credit risk of the underlying corporate borrower as well as the lending institution or other participant from whom the Fund purchased the loan participation interests. The Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">and/or interest and may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower. Substantial increases in interest rates may cause an increase in loan obligation defaults.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Floating Rate Loans Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The floating rate loans in which the Fund invests are usually rated below investment grade, or, if unrated, determined by the Subadvisor to be of comparable quality (commonly referred to as "junk bonds") and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments. Moreover, such investments may, under certain circumstances, be particularly susceptible to liquidity and valuation risks. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the value of the Fund's investments in floating rate loans are more likely to decline. The secondary market for floating rate loans is limited and, thus, the Fund’s ability to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may be impaired. In addition, floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In certain circumstances, floating rate loans may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The terms of many floating rate loans and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”). </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. These risks may be greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Emerging Markets Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks related to investing in foreign securities are generally greater with respect to securities of companies that conduct their business activities in emerging markets or whose securities are traded principally in emerging markets. The risks of investing in emerging markets are elevated under adverse market conditions and include: (i) smaller trading volumes for such securities and limited access to investments in the event of market closures (including due to local holidays), which result in a lack of liquidity and in greater price volatility; (ii) less government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting, corporate governance and other requirements, which limit the quality and availability of financial information; (iii) the absence of developed legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available) for investment losses and injury to private property; (iv) loss resulting from problems in share registration and custody; (v) sensitivity to adverse political or social events affecting the region where an emerging market is located; (vi) particular sensitivity to economic and political disruptions, including adverse effects stemming from actual or threatened wars, military conflicts, sanctions, trade restrictions, recessions, depressions or other economic crises, or reliance on international or other forms of aid, including trade, taxation and development policies; and (vii) the nationalization of foreign deposits or assets.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer's financial condition becomes significantly impaired. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">When-Issued Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may agree to purchase a security on a when-issued basis, making a commitment to pay a fixed price for a security when it is issued in the future. The principal risk of transactions involving when-issued securities is that the security will be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity and Valuation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance. These risks are heightened for fixed-income instruments in a changing or volatile interest rate environment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market/Short-Term Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Private Placement and Restricted Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Turnover Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The strategy of the Fund may result in high portfolio turnover. A high turnover rate may increase transaction costs, which are paid by the Fund. Additionally, a high turnover rate may generate capital gains, (on which Fund shareholders will pay taxes, even if such shareholders do not sell any shares by year-end).</span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.20</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2020, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-7.38</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.0720 Worst Quarter 2020-03-31 -0.0738 Average Annual Total Returns (for the periods ended December 31, 2025) 2004-01-02 0.0839 0.0373 0.0433 0.0608 0.0195 0.0271 0.0492 0.0206 0.0261 1997-02-28 0.0325 0.0247 0.0356 2008-02-28 0.0345 0.0236 0.0343 1998-09-01 0.0600 0.0244 0.0314 2018-02-28 0.0845 0.0378 0.0402 Bloomberg U.S. Aggregate Bond Index1 0.0730 -0.0036 0.0201 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI MacKay U.S. Infrastructure Bond Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks current income.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 202 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) 0.0300 0.0250 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0047 0.0047 0.0047 0.0047 0.0047 0.0025 0.0025 0.0100 0 0 0.0016 0.0058 0.0058 0.0016 0.0004 0.0088 0.0130 0.0205 0.0063 0.0051 -0.0003 -0.0019 -0.0019 -0.0003 0.0000 0.0085 0.0111 0.0186 0.0060 0.0051 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 384 360 189 289 61 52 569 634 624 624 199 164 770 927 1086 1086 348 285 1349 1762 2171 2171 783 640 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 71% of the average value of its portfolio. </p> 0.71 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. Fixed income securities are debt obligations and similar instruments that represent a creditor relationship with an issuer or trust and generally provide for the payment of interest (fixed, floating, or otherwise variable) and the repayment of principal, whether at maturity or over time. Infrastructure-related debt securities may include securities with special features (e.g., puts and variable or floating rates) that have price volatility characteristics similar to other debt securities.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Infrastructure-related investments include securities issued to finance any assets or projects that support the operation, function, growth or development of a community or economy. Examples of these investments include, but are not limited to, transportation assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities and networks) and social assets (e.g., hospitals and schools).</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may also invest in securities of issuers that (i) directly invest in infrastructure-related companies; (ii) operate or utilize infrastructure-related assets (e.g., airlines, automakers and technology companies); or (iii) have indirect exposure to infrastructure-related assets (e.g., suppliers of construction materials). The Fund’s Subadvisor, MacKay Shields LLC, defines an infrastructure-related issuer as an issuer that derives at least 50% of its revenues or profits from, or devotes at least 50% of its assets to, the ownership, management, development, construction, renovation, enhancement, or operation of infrastructure assets or the provision of services to companies engaged in such activities.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund invests at least 60% of its assets in taxable municipal debt securities. The Fund may invest up to 20% of its assets in tax-exempt municipal debt securities. On average, the Fund will invest in municipal bonds that have a maturity of 5 years or longer.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Municipal debt securities include bonds issued by, or on behalf of, the District of Columbia, the states, the territories (including Puerto Rico, Guam and the U.S. Virgin Islands), commonwealths and possessions of the United States and their political subdivisions, and agencies, authorities and instrumentalities. All distributions by the Fund, including any distributions derived from tax-exempt municipal obligations, may be includible in taxable income for purposes of the federal alternative minimum tax. The Fund does not seek to provide income exempt from federal income tax. The Fund may invest in both taxable and tax-exempt municipal bonds.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund invests in investment grade securities as rated by a nationally recognized statistical rating organization (“NRSRO”) at the time of purchase, or if unrated, determined to be of comparable quality by MacKay Shields LLC, the Fund’s Subadvisor, and invests in commercial paper only if rated in the top two highest rating categories by an NRSRO at the time of purchase, or if unrated, determined by the Subadvisor to be of comparable quality. If NRSROs assign different ratings for the same security, the Fund will use the higher rating for purposes of determining the credit quality.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund's principal investments may have fixed, variable or floating interest rates and include: taxable and tax-exempt municipal debt securities; obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; mortgage-related and asset-backed securities; certificates of deposit, time deposits and bankers' acceptances issued by U.S. banks or savings and loan associations; and debt securities issued by the United States.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in derivatives, such as futures, options and swap agreements, to seek enhanced returns or to seek to reduce the risk of loss by hedging certain of its holdings.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investment Process: The Subadvisor seeks to allocate investments primarily across the taxable fixed income market but can also utilize the tax-exempt fixed income market as well as treasuries and agencies. Allocations are based on the current economic environment, the level of absolute and relative yields, and the interest rate outlook. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third-party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor may sell a security if it no longer believes that the security will contribute to meeting the investment objective of the Fund, which may be determined by an evaluation of economic conditions, the issuer's financial condition or relative yield and return expectations.</p> The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively managed, diversified portfolio of U.S. infrastructure-related debt issuers and/or securities intended primarily to finance infrastructure-related activities. Fixed income securities are debt obligations and similar instruments that represent a creditor relationship with an issuer or trust and generally provide for the payment of interest (fixed, floating, or otherwise variable) and the repayment of principal, whether at maturity or over time. Infrastructure-related debt securities may include securities with special features (e.g., puts and variable or floating rates) that have price volatility characteristics similar to other debt securities.Infrastructure-related investments include securities issued to finance any assets or projects that support the operation, function, growth or development of a community or economy. Examples of these investments include, but are not limited to, transportation assets (e.g., roads and bridges), utility assets (e.g., electric, gas and water distribution facilities and networks) and social assets (e.g., hospitals and schools). <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in the Fund are not guaranteed. While some of the Fund's investments, such as U.S. Treasury obligations, are backed by the "full faith and credit" of the U.S. government, some securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may not be guaranteed by the U.S. Treasury or supported by the full faith and credit of the U.S. government.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates. Investments in debt or fixed-income securities with put options may receive a lower interest rate than similar investments with a fixed-rate that cannot be redeemed before maturity. In addition, if the Fund chooses to exercise its right to put the bond back to the issuer or put provider, these investments are subject to, among other risks, the risk that the put provider will be unable or unwilling to honor the put feature (i.e., purchase the security).</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Infrastructure Investment Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The Fund’s investments in infrastructure-related securities expose the Fund to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Issuers of securities in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental or other regulations and the effects of economic slowdowns. Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies/issuers.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Bond Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Municipal bond risks include the inability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. Additional risks include:</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">General Obligation Bonds Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Revenue Bonds (including Industrial Development Bonds) Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility;</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Private Activity Bonds Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bond, and payment under these bonds depends on the private enterprise’s ability to do so; </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Moral Obligation Bonds Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Municipal Notes Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Municipal Lease Obligations Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal leases may pose additional risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Municipalities may experience political, economic and financial difficulties in an adverse economic environment. The ability of a municipal issuer to make payments and the value of municipal bonds can be affected by uncertainties in the municipal securities market, including the occurrence of natural disasters or other events impacting markets and/or specific states and issuers. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the Fund's net asset value and/or the distributions paid by the Fund.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Certain of the issuers in which the Fund may invest have recently experienced, or may experience, significant financial difficulties and repeated credit rating downgrades. For example, in recent years, Puerto Rico has experienced difficult financial, economic and other conditions, which may negatively affect the value of the Fund’s holdings in Puerto Rico municipal securities.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">To be tax exempt, municipal bonds must meet certain regulatory requirements. If a municipal bond fails to meet such requirements, the interest received by the Fund from its investment in such bonds and distributed to shareholders may be taxable. It is possible that interest on a municipal bond may be declared taxable after the issuance of the bond, and this determination may apply retroactively to the date of the issuance of the bond, which would cause a portion of prior distributions made by the Fund to be taxable to shareholders in the year of receipt.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Bond Focus Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> From time to time the Fund may invest a substantial amount of its assets in municipal bonds on which interest is paid solely from revenues of similar projects. If the Fund focuses its investments in this manner, it assumes the legal and economic risks relating to such projects, which may have a significant impact on the Fund’s investment performance. In addition, the Fund may invest more heavily in bonds from certain cities, states or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political or regulatory occurrences impacting these particular cities, states or regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">When-Issued Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may agree to purchase a security on a when-issued basis, making a commitment to pay a fixed price for a security when it is issued in the future. The principal risk of transactions involving when-issued securities is that the security will be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Floating Rate Notes and Variable Rate Notes Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Floating and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many floating rate notes and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”). </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in mortgage-related securities (such as mortgage-backed securities) and other asset-backed securities generally involve a stream of payments based on the underlying obligations. These payments, which are often part interest and part return of principal, vary based on the rate at which the underlying borrowers repay their loans or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the underlying obligations and that, during periods of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's value. Enforcing rights against such collateral in events of default may be difficult or insufficient. The value of these securities may be significantly affected by changes in interest rates (or the expectations of such changes), the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Swaps may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment to another and may entail the risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market/Short-Term Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity and Valuation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance. These risks are heightened for fixed-income instruments in a changing or volatile interest rate environment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Private Placement and Restricted Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. </span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The table also includes the average annual returns of the Bloomberg 5-10 Year Taxable Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Effective August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the bar chart and table prior to those dates reflects the Fund's prior principal investment strategies.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">5.74</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2022, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-5.61</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2023-12-31 0.0574 Worst Quarter 2022-03-31 -0.0561 Average Annual Total Returns (for the periods ended December 31, 2025) 2004-01-02 0.0845 0.0087 0.0222 0.0646 -0.0065 0.0090 0.0497 0.0000 0.0112 1995-01-03 0.0503 -0.0024 0.0153 2008-02-28 0.0526 -0.0045 0.0122 1998-09-01 0.0606 -0.0037 0.0094 2019-11-01 0.0853 0.0097 0.0174 Bloomberg U.S. Aggregate Bond Index1 0.0730 -0.0036 0.0201 Bloomberg 5-10 Year Taxable Municipal Bond Index2 0.0878 0.0094 0.0315 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI MacKay Tax Free Bond Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks current income exempt from regular federal income tax.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 202 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) 0.0300 0.0250 0 0 0 0 0 0 0.0100 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0025 0.0025 0.0050 0.0065 0 0 0.0008 0.0012 0.0012 0.0012 0.0008 0.0002 0.0074 0.0078 0.0103 0.0118 0.0049 0.0043 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C and Class C2 shares). The Example reflects Class C and Class C2 shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 373 328 105 205 120 220 50 44 529 493 328 328 375 375 157 138 699 672 569 569 649 649 274 241 1191 1192 1189 1189 1321 1321 616 542 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54% of the average value of its portfolio. </p> 0.54 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”). Municipal bonds are issued to raise money for a variety of public and private purposes, including general financing for state and local governments, financing for eligible non-profit organizations, or financing for a specific project or public facility. Municipal securities usually pay a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. On average, the Fund will invest in municipal bonds that have a maturity range of 10 to 30 years. Municipal bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20% of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of comparable quality. The Fund may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state). Some of the Fund's earnings may be subject to federal tax and most may be subject to state and local taxes. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Subadvisor employs a relative value research-driven approach in pursuing the Fund's investment objective. The Subadvisor's strategies include duration management, sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in various portfolio strategies to achieve the Fund's investment objective, to seek to enhance the Fund's investment return and to seek to hedge the portfolio against adverse effects from movements in interest rates and in the securities markets. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor uses active management in an effort to identify mispriced tax-exempt securities and build a consistent yield advantage. The Subadvisor focuses on reducing volatility through a disciplined investment process which includes fundamental, "bottom-up" credit research and risk management. In addition, the Subadvisor reviews macroeconomic events, technicals in the municipal market, tax policies and analyzes individual municipal securities and sectors. The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy and meaningful changes in the issuer's financial condition. </p> The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds that are rated investment grade by at least one nationally recognized statistical rating organization (“NRSRO”). Municipal bonds are issued to raise money for a variety of public and private purposes, including general financing for state and local governments, financing for eligible non-profit organizations, or financing for a specific project or public facility. Municipal securities usually pay a fixed, variable, or floating rate of interest, and must repay the amount borrowed, usually at the maturity of the security. On average, the Fund will invest in municipal bonds that have a maturity range of 10 to 30 years. Municipal bonds are issued by or on behalf of the District of Columbia, states, territories, commonwealths and possessions of the United States and their political subdivisions and agencies, authorities and instrumentalities. Municipal bonds include, among other instruments, general obligation bonds, revenue bonds, industrial revenue bonds, industrial development bonds, private activity bonds, as well as short-term, tax-exempt obligations such as municipal notes and variable rate demand obligations. The Fund may invest up to 20% of its net assets in unrated securities deemed by MacKay Shields LLC, the Fund's Subadvisor, to be of comparable quality. The Fund may not invest more than 20% of its net assets in tax-exempt securities subject to the federal alternative minimum tax. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security’s credit quality. The Fund may invest more than 25% of its total assets in municipal bonds that are related in such a way that an economic, business or political development or change affecting one such security could also affect the other securities (for example, securities whose issuers are located in the same state). Some of the Fund's earnings may be subject to federal tax and most may be subject to state and local taxes. The Fund may invest in derivatives, such as futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.Investment Process: The Subadvisor employs a relative value research-driven approach in pursuing the Fund's investment objective. The Subadvisor's strategies include duration management, sector allocation, yield curve positioning and buy/sell trade execution. The Subadvisor may engage in various portfolio strategies to achieve the Fund's investment objective, to seek to enhance the Fund's investment return and to seek to hedge the portfolio against adverse effects from movements in interest rates and in the securities markets. <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Tax Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Income from municipal bonds held by the Fund could be declared taxable, possibly retroactively to the date the obligation was issued, because of unfavorable changes in tax law, adverse interpretations by the Internal Revenue Service or noncompliant conduct of a bond issuer. In such event, the value of the security would likely fall and a portion of the Fund’s distributions attributable to interest the Fund received on such bond for the current year and for prior years could be characterized or recharacterized as taxable income. As a shareholder of the Fund, you may be required to file an amended tax return and pay additional taxes.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Swaps may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment to another and may entail the risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Bond Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Municipal bond risks include the inability of the issuer to repay the obligation, the relative lack of information about certain issuers, and the possibility of future tax and legislative changes, which could affect the market for and value of municipal securities. Additional risks include:</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">General Obligation Bonds Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Revenue Bonds (including Industrial Development Bonds) Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—timely payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source, and may be negatively impacted by the general credit of the user of the facility;</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Private Activity Bonds Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise, which is solely responsible for paying the principal and interest on the bond, and payment under these bonds depends on the private enterprise’s ability to do so; </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Moral Obligation Bonds Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality; </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Municipal Notes Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—municipal notes are shorter-term municipal debt obligations that pay interest that is, in the opinion of bond counsel, generally excludable from gross income for federal income tax purposes (except that the interest may be includable in taxable income for purposes of the federal alternative minimum tax) and that have a maturity that is generally one year or less. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money; and</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; text-indent:-18.0pt; font-weight:normal; margin-left:18.0pt; font-style:normal;"><span style="font-size:10.0pt; font-family:Symbol; font-style:normal; font-weight:normal; text-decoration:none;">·</span><span style="word-spacing:10.0pt;"> </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:italic; font-weight:normal; text-decoration:none;">Municipal Lease Obligations Risk</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">—in a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. Municipal leases may pose additional risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Municipalities may experience political, economic and financial difficulties in an adverse economic environment. The ability of a municipal issuer to make payments and the value of municipal bonds can be affected by uncertainties in the municipal securities market, including the occurrence of natural disasters or other events impacting markets and/or specific states and issuers. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the Fund's net asset value and/or the distributions paid by the Fund.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Certain of the issuers in which the Fund may invest have recently experienced, or may experience, significant financial difficulties and repeated credit rating downgrades. For example, in recent years, Puerto Rico has experienced difficult financial, economic and other conditions, which may negatively affect the value of the Fund’s holdings in Puerto Rico municipal securities.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">To be tax exempt, municipal bonds must meet certain regulatory requirements. If a municipal bond fails to meet such requirements, the interest received by the Fund from its investment in such bonds and distributed to shareholders may be taxable. It is possible that interest on a municipal bond may be declared taxable after the issuance of the bond, and this determination may apply retroactively to the date of the issuance of the bond, which would cause a portion of prior distributions made by the Fund to be taxable to shareholders in the year of receipt.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Municipal Bond Focus Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> From time to time the Fund may invest a substantial amount of its assets in municipal bonds on which interest is paid solely from revenues of similar projects. If the Fund focuses its investments in this manner, it assumes the legal and economic risks relating to such projects, which may have a significant impact on the Fund’s investment performance. In addition, the Fund may invest more heavily in bonds from certain cities, states or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political or regulatory occurrences impacting these particular cities, states or regions.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity and Valuation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance. These risks are heightened for fixed-income instruments in a changing or volatile interest rate environment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market/Short-Term Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Variable Rate Demand Instruments Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> A variable rate demand instrument is generally subject to certain of the risks associated with debt securities.  Variable rate demand instruments are also subject to potential delays between the instrument’s periodic interest rate reset and an </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">intervening rise in general interest rates, which could adversely affect the Fund. In addition, these instruments are subject to the risk that, if not held to maturity, the Fund will be subject to the credit risk of any third party supporting or providing the instrument’s demand feature, as well as the risk that such third party’s obligations may terminate or that it may otherwise fail to meet such obligations.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Private Placement and Restricted Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. </span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Bloomberg Municipal Bond Index to represent a broad measure of market performance. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.77</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2022, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.72</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2023-12-31 0.0777 Worst Quarter 2022-03-31 -0.0672 Average Annual Total Returns (for the periods ended December 31, 2025) 2009-12-21 0.0419 0.0072 0.0257 0.0408 0.0066 0.0254 0.0392 0.0126 0.0271 1995-01-03 0.0081 -0.0045 0.0186 2008-02-28 0.0127 -0.0040 0.0183 1998-09-01 0.0262 0.0018 0.0205 2020-08-31 0.0258 0.0003 0.0047 2019-11-01 0.0435 0.0077 0.0176 Bloomberg Municipal Bond Index1 0.0425 0.0080 0.0234 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI Money Market Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks a high level of current income while preserving capital and maintaining liquidity.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </p> Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0040 0.0040 0 0 0 0 0.0012 0.0055 0.0055 0.0007 0.0052 0.0095 0.0095 0.0047 0.0000 -0.0015 -0.0015 0.0000 0.0052 0.0080 0.0080 0.0047 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 53 82 82 48 167 288 288 151 291 511 511 263 653 1153 1153 591 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund invests in short-term, high-quality, U.S. dollar-denominated securities that generally mature in 397 days (13 months) or less. The Fund maintains a dollar-weighted average maturity of 60 days or less and maintains a dollar-weighted average life to maturity of 120 days or less. The Fund seeks to maintain a stable $1.00 net asset value per share using the amortized cost method of valuation by operating as a “retail money market fund,” as such term is defined or interpreted pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended. As a “retail money market fund,” the Fund may be subject to the implementation of liquidity fees.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in obligations issued or guaranteed by the U.S. government or any of its agencies or instrumentalities; U.S. and foreign bank and bank holding company obligations, such as certificates of deposit, bankers' acceptances and Eurodollars; commercial paper; time deposits; repurchase agreements; and corporate debt securities. The Fund may invest in variable rate notes, floating rate notes, and mortgage-related and asset-backed securities. The Fund may also invest in foreign securities that are U.S. dollar-denominated securities of foreign issuers.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund will generally invest in obligations that mature in 397 days or less, substantially all of which will be held to maturity. However, the Fund may invest in securities with a face maturity of more than 397 days provided that the security is a variable or floating rate note that meets the applicable regulatory guidelines with respect to maturity. Additionally, securities collateralizing repurchase agreements may have maturities in excess of 397 days.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> NYL Investors LLC, the Fund's Subadvisor, seeks to achieve the highest yield while also seeking to minimize risk, maintain liquidity and preserve principal. The Subadvisor selects securities based on an analysis of the creditworthiness of the issuer. The Subadvisor works to add value by emphasizing specific securities and sectors of the money market that appear to be attractively priced based upon historical and current yield spread relationships.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor’s investment process relies on a comprehensive fundamental investment discipline, including, but not limited to, consideration of environmental, social and governance (“ESG”) factors that may be material to a company’s performance and prospects. In addition to internal research, the Subadvisor may use third-party ESG data to compare internal views with external perspectives. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor may sell a security prior to maturity if it no longer believes that the security will contribute to meeting the investment objective of the Fund.</p> <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks</span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The principal risks of investing in the </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Fund</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> are summarized below. The relative significance of each principal risk summarized below may change over time.</span></p> An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Stable Net Asset Value Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. This could occur because of unusual market conditions or a sudden collapse in the creditworthiness of an issuer. The Fund is permitted to, among other things, reduce or withhold any income and/or gains generated from its portfolio to maintain a stable $1.00 share price.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress or volatility.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Floating Rate Notes and Variable Rate Notes Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Floating and variable rate notes provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate notes may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund's ability to sell the securities at any given time. Securities with floating interest rates generally are less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much or as fast as interest rates in general. Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements. The terms of many floating rate notes and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”). </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in mortgage-related securities (such as mortgage-backed securities) and other asset-backed securities generally involve a stream of payments based on the underlying obligations. These payments, which are often part interest and part return of principal, vary based on the rate at which the underlying borrowers repay their loans or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the underlying obligations and that, during periods of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's value. Enforcing rights against such collateral in events of default may be difficult or insufficient. The value of these securities may be significantly affected by changes in interest rates (or the expectations of such changes), the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully utilize these instruments may depend on the ability of the Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Repurchase Agreement Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Repurchase agreements are subject to the risks that the seller will become bankrupt or insolvent before the date of repurchase or otherwise will fail to repurchase the security or other asset as agreed, which could cause losses to the Fund.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual total returns compare to those of a money market fund average. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">For certain periods, the Manager voluntarily has waived or reimbursed the Fund’s expenses to the extent it deemed appropriate to enhance the Fund’s yield during periods when expenses had a significant impact on yield because of low interest rates. Without these waivers or </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">reimbursements, the Fund’s returns would have been lower. Past performance is not necessarily an indication of how the Fund will perform in the future. </p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">For current yield information, call toll-free: 800-624-6782. </p> Past performance is not necessarily an indication of how the Fund will perform in the future. Annual Returns, Class A Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">1.25</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2021, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">0.00</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2023-12-31 0.0125 Worst Quarter 2021-03-31 0.0000 Average Annual Total Returns (for the periods ended December 31, 2025) 1995-01-03 0.0387 0.0292 0.0184 2008-02-28 0.0357 0.0271 0.0166 1998-09-01 0.0357 0.0271 0.0166 2020-08-31 0.0392 0.0290 0.0271 Average Lipper Money Market Fund1 0.0395 0.0300 0.0194 NYLI Income Builder Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks current income consistent with reasonable opportunity for future growth of capital and income.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 202 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) 0.0300 0.0250 0 0 0 0 0 0 0.0100 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0063 0.0063 0.0063 0.0063 0.0063 0.0063 0.0025 0.0025 0.0100 0 0 0.0050 0.0014 0.0044 0.0044 0.0014 0.0006 0.0015 0.0102 0.0132 0.0207 0.0077 0.0069 0.0128 0.0000 -0.0004 -0.0004 0.0000 0.0000 0.0000 0.0102 0.0128 0.0203 0.0077 0.0069 0.0128 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 401 377 206 306 79 70 130 615 654 645 645 246 221 406 846 952 1110 1110 428 384 702 1510 1797 2205 2205 954 859 1545 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 50% of the average value of its portfolio. </p> 0.50 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund normally invests a minimum of 30% of its net assets in equity securities and a minimum of 30% of its net assets in debt securities. From time to time, the Fund may temporarily invest less than 30% of its net assets in equity or debt securities as a result of market conditions, individual securities transactions or cash flow considerations. </p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Asset Allocation Investment Process</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">: Asset allocation decisions are made by a Committee chaired by New York Life Investment Management, the Fund’s Manager, in collaboration with MacKay Shields LLC (“MacKay Shields”), the subadvisor for the fixed-income portion of the Fund. Asset allocation decisions are determined based on the relative values of each asset class, inclusive of the ability of each asset class to generate income. The Fund may use equity index and fixed-income futures to manage effective exposure, for example, by adding exposure to the equity markets or adjusting fixed-income duration exposure. Neither equity index futures nor fixed-income futures are counted toward the Fund's equity or fixed-income allocation guidelines.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Investment Process</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">: Epoch Investment Partners, Inc. ("Epoch"), the Subadvisor for the equity portion of the Fund, invests primarily in companies that generate increasing levels of free cash flow and have managements that allocate it effectively to create shareholder value. The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. The Subadvisor seeks to identify companies with a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The security selection process focuses on free-cash-flow analytics as opposed to traditional accounting-based metrics. Epoch seeks to identify companies with a consistent, straightforward ability to both generate free cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reductions. Material environmental, social and governance (“ESG”) factors are identified and monitored by Epoch. Material ESG factors vary by company and industry, but Epoch pays particular attention to factors relating to climate change and corporate governance. This information is taken into account by Epoch in making investment decisions. Material ESG factors are identified and monitored by Epoch through review of ESG information published by the company (where relevant) or selected specialist third-party research and data providers. While Epoch considers ESG factors in the investment decision-making process of the Fund, this does not mean that ESG considerations are the sole or foremost considerations for investment decisions.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Epoch seeks to find and invest in companies that meet its definition of quality-companies that are free cash flow positive or are becoming free cash flow positive and that are led by strong management. The relevant factor in Epoch’s decision on how to deploy free cash flow is the cost of capital and the prospective returns on capital.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Fixed-Income Investment Process</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">: The Fund may invest in investment grade and below investment grade debt securities of varying maturities. In pursuing the Fund's investment objective, the Fund may invest up to 30% of its net assets in debt securities that MacKay Shields believes may provide capital appreciation in addition to income and are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) or if unrated, deemed to be of comparable creditworthiness by MacKay Shields. For purposes of this limitation, both the percentage and rating are counted at the time of purchase. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security's credit quality. Securities that are rated below investment grade by NRSROs are commonly referred to as “high-yield securities” or "junk bonds." </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">MacKay Shields’ investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, ESG risks that may have a material impact on the performance of a security. In addition to proprietary research, MacKay Shields may use screening tools and, to the extent available, third party data to identify ESG risk factors that may not have been captured through its own research. MacKay Shields’ consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund maintains a flexible approach by investing in a broad range of securities, which may be diversified by company, industry and type.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Principal debt investments include U.S. government securities, domestic and foreign debt securities, mortgage-related and asset-backed securities and floating rate loans. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg. The Fund may also enter into mortgage dollar roll and to-be-announced ("TBA") securities transactions.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may also invest in convertible securities such as bonds, debentures, corporate notes and preferred stocks or other securities that are convertible into common stock or the cash value of a stock or a basket or index of equity securities.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investments Across the Fund</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">: The Fund may invest in derivatives, such as futures, options, forward commitments and swap agreements, to try to enhance returns or reduce the risk of loss by hedging certain of its holdings. The Fund also may use fixed-income futures for purposes of managing duration and yield curve exposures. The Fund may invest up to 10% of its total assets in swaps, including credit default swaps.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisors may sell a security if they no longer believe the security will contribute to meeting the investment objective of the Fund. In considering whether to sell a debt security, MacKay Shields may evaluate, among other things, deterioration in the issuer's credit quality. Epoch may sell or reduce a position in a security if, among other things, it sees an interruption to the dividend policy, a deterioration in fundamentals or </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">when the security is deemed less attractive relative to another security on a return/risk basis. Epoch may also sell or reduce a position in a security when it believes its investment objectives have been met or if it sees the investment thesis is failing to materialize.</p> <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisors may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Multi-Manager Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s performance relies on the selection and monitoring of the Subadvisors as well as how the Fund’s assets are allocated among those Subadvisors. Performance will also depend on the Subadvisors’ skill in implementing their respective strategy or strategies. The Subadvisors’ investment strategies may not always be complementary to one another and, as a result, the Subadvisors may make decisions that conflict with one another, which may adversely affect the Fund’s performance. For example, a Subadvisor may purchase an investment for the Fund at the same time that another Subadvisor sells the investment, resulting in higher expenses without accomplishing any net investment result. Alternatively, multiple Subadvisors could purchase the same investment at the same time, causing the Fund to pay higher expenses because the Subadvisors did not aggregate their transactions. The multi-manager approach may also cause the Fund to invest a substantial percentage of its assets in certain types of securities, which could expose the Fund to greater risks associated with those types of securities and lead to large beneficial or detrimental effects on the Fund’s performance. The Manager may influence a Subadvisor in terms of its management of a portion of the Fund’s assets, including hedging practices, investment exposure and risk management.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">A Subadvisor may underperform the market generally and may underperform other subadvisors that the Manager could have selected. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">MacKay Shields may be subject to potential conflicts of interest in allocating the Fund’s assets. Therefore, MacKay Shields will carefully analyze its allocation decisions and take all steps it believes to be necessary to minimize these potential conflicts of interest. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by a Subadvisor may not produce the desired results or expected returns. A Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Value Stock Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Value stocks may never reach what a Subadvisor believes is their full value or they may go down in value. In addition, different types of stocks tend to shift in and out of favor depending on market and economic conditions, and therefore the Fund's performance may be lower or higher than that of funds that invest in other types of equity securities.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Capitalization Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization.  Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments.  Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods.  In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments.  There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High-Yield Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Loan Participation Interest Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There may not be a readily available market for loan participation interests, which in some cases could result in the Fund disposing of such interests at a substantial discount from face value or holding such interests until maturity. In addition, the Fund may be exposed to the credit risk of the underlying corporate borrower as well as the lending institution or other participant from whom the Fund purchased the loan participation interests. The Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest and may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower. Substantial increases in interest rates may cause an increase in loan obligation defaults.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Floating Rate Loans Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The floating rate loans in which the Fund invests are usually rated below investment grade, or, if unrated, determined by the Subadvisor to be of comparable quality (commonly referred to as "junk bonds") and are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt instruments. Moreover, such investments may, under certain circumstances, be particularly susceptible to liquidity and valuation risks. Although certain floating rate loans are collateralized, there is no guarantee that the value of the collateral will be sufficient or available to satisfy the borrower’s obligation. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates. In the event of a recession or serious credit event, among other eventualities, the value of the Fund's investments in floating rate loans are more likely to decline. The secondary market for floating rate loans is limited and, thus, the Fund’s ability to sell or realize the full value of its investment in these loans to reinvest sale proceeds or to meet redemption obligations may be impaired. In addition, floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, the Fund may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions or engaging in borrowing transactions, such as borrowing against its credit facility, to raise cash to meet redemption obligations or pursue other investment opportunities.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In certain circumstances, floating rate loans may not be deemed to be securities. As a result, the Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, the Fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Floating rate loans and other similar debt obligations that lack financial maintenance covenants or possess fewer or contingent financial maintenance covenants and other financial protections for lenders and investors (sometimes referred to as “covenant-lite” loans or obligations) are generally subject to more risk than investments that contain traditional financial maintenance covenants and financial reporting requirements.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The terms of many floating rate loans and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”). </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in mortgage-related securities (such as mortgage-backed securities) and other asset-backed securities generally involve a stream of payments based on the underlying obligations. These payments, which are often part interest and part return of principal, vary based on the rate at which the underlying borrowers repay their loans or other obligations. Asset-backed securities are subject to the risk that borrowers may default on the underlying obligations and that, during periods of falling interest rates, these obligations may be called or prepaid and, during periods of rising interest rates, obligations may be paid more slowly than expected. Impairment of the underlying obligations or collateral, such as by non-payment, will reduce the security's value. Enforcing rights against such collateral in events of default may be difficult or insufficient. The value of these securities may be significantly affected by changes in interest rates (or the expectations of such changes), the market's perception of issuers, and the creditworthiness of the parties involved. The ability of the Fund to successfully utilize these instruments may depend on the ability of a Subadvisor to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Mortgage Dollar Roll Transaction Risk: </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">A mortgage dollar roll is a transaction in which the Fund sells mortgage-related securities from its portfolio to a counterparty from whom it simultaneously agrees to buy a similar security on a delayed delivery basis. Mortgage dollar roll transactions are subject to certain risks, including the risk that securities returned to the Fund at the end of the roll, while substantially similar, may be inferior to what was initially sold to the counterparty.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">TBA Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> In a TBA securities transaction, the Fund commits to purchase certain securities for a fixed price at a future date. The principal risks of a TBA securities transaction are that the counterparty may not deliver the security as promised and/or that the value of the TBA security may decline prior to when the Fund receives the security. Margin requirements applicable to the Fund’s TBA securities transactions may increase the cost of TBA securities transactions to the Fund and may impose added operational complexity.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer's financial condition becomes significantly impaired. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Derivatives Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. For example, if the Fund is the seller of credit protection in a credit default swap, the Fund effectively adds leverage to its portfolio and is subject to the credit exposure on the full notional value of the swap. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Forward commitments entail the risk that the instrument may be worth less when it is issued or received than the price the Fund agreed to pay when it made the commitment. The use of foreign currency forwards may result in currency exchange losses due to fluctuations in currency exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Swaps may be subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. Swap transactions tend to shift a Fund's investment exposure from one type of investment to another and may entail the risk that a party will default on its payment obligations to the Fund. Additionally, applicable regulators have adopted rules imposing certain margin requirements, including minimums on uncleared swaps, which may result in the Fund and its counterparties posting higher margin amounts for uncleared swaps. Certain standardized swaps are subject to mandatory central clearing and exchange trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, and exchange trading are intended to reduce counterparty credit risk and increase liquidity but neither makes swap transactions risk-free. Derivatives may also increase the expenses of the Fund. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity and Valuation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance. These risks are heightened for fixed-income instruments in a changing or volatile interest rate environment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market/Short-Term Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and two additional indexes over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the MSCI World Index (Net) to represent a broad measure of market performance. The table also includes the average annual returns of the Bloomberg U.S. Aggregate Bond Index and Blended Benchmark Index. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">10.31</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2020, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-14.02</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.1031 Worst Quarter 2020-03-31 -0.1402 Average Annual Total Returns (for the periods ended December 31, 2025) 2004-01-02 0.1694 0.0649 0.0730 0.1611 0.0524 0.0594 0.1034 0.0465 0.0536 1995-01-03 0.1317 0.0559 0.0643 2008-02-28 0.1338 0.0545 0.0623 1998-09-01 0.1446 0.0519 0.0604 2018-02-28 0.1703 0.0659 0.0706 2020-08-31 0.1636 0.0589 0.0680 MSCI World Index (Net)1 0.2109 0.1215 0.1217 Bloomberg U.S. Aggregate Bond Index2 0.0730 -0.0036 0.0201 Blended Benchmark Index3 0.1551 0.0713 0.0823 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.</p> After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. NYLI MacKay Convertible Fund Investment Objective <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund seeks capital appreciation together with current income.</p> Fees and Expenses of the Fund <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 202 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information. </span></p> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) 0.0550 0.0500 0 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0.0055 0.0025 0.0025 0.0100 0 0.0013 0.0036 0.0036 0.0013 0.0093 0.0116 0.0191 0.0068 0.0000 0.0000 0.0000 -0.0007 0.0093 0.0116 0.0191 0.0061 Example The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods (except as indicated with respect to Class C shares). The Example reflects Class C shares converting into Investor Class shares in years 9-10; expenses could be lower if you are eligible to convert to Class A shares instead. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Assuming no redemption Assuming redemption at end of period 640 612 194 294 62 830 850 600 600 211 1036 1106 1032 1032 372 1630 1839 2038 2038 840 Portfolio Turnover <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio. </p> 0.40 Principal Investment Strategies <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in "convertible securities" such as bonds, debentures, corporate notes, and preferred stocks or other securities that are convertible into common stock or the cash value of a stock or a basket or index of equity securities. Convertible securities are bonds, preferred stocks, and other securities that pay interest or dividends and are convertible into common stocks or its equivalent value. The balance of the Fund may be invested or held in non-convertible debt, equity securities that do not pay regular dividends, U.S. government securities, and cash or cash equivalents.</p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Investment Process:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund takes a flexible approach by investing in a broad range of securities of a variety of companies and industries. The Fund invests in investment grade and below investment grade debt securities. Below investment grade securities are generally securities that receive low ratings from a nationally recognized statistical rating organization (“NRSRO”), or if unrated, are determined to be of equivalent quality by MacKay Shields LLC, the Fund's Subadvisor. Securities that are rated below investment grade by independent rating agencies are commonly referred to as “high-yield securities” or "junk bonds." The Subadvisor may also invest without restriction in securities with lower ratings from a NRSRO. If NRSROs assign different ratings to the same security, the Fund will use the higher rating for purposes of determining the security's credit quality.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">In selecting convertible securities for purchase or sale, the Subadvisor takes into account a variety of investment considerations, including the potential return of the common stock into which the convertible security is convertible, credit risk, projected interest return, and the premium for the convertible security relative to the underlying common stock. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, including but not limited to, environmental, social and governance (“ESG”) risks that may have a material impact on the performance of a security. In addition to proprietary research, the Subadvisor may use screening tools and, to the extent available, third party data to identify ESG risk factors that may not have been captured through its own research. The Subadvisor’s consideration of ESG risk is weighed against other criteria and no sectors or industries are explicitly excluded from the Fund. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may also invest in "synthetic" convertible securities, which are derivative positions composed of two or more securities whose investment characteristics, taken together, resemble those of traditional convertible securities. Unlike traditional convertible securities whose conversion values are based on the common stock of the issuer of the convertible security, "synthetic" and "exchangeable" convertible securities are preferred stocks or debt obligations of an issuer which are structured with an embedded equity component whose conversion value is based on the value of the common stocks of one or more different issuers or a particular benchmark (which may include indices, baskets of domestic stocks, commodities, a foreign issuer or basket of foreign stocks, or a company whose stock is not yet publicly traded). The value of a synthetic convertible is the sum of the values of its preferred stock or debt obligation component and its convertible component.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in foreign securities, which are securities issued by companies organized outside the United States or that trade primarily in non-U.S. securities markets. An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer's "country of risk" (or similar designation) as determined by a third-party such as Bloomberg.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objective of the Fund. In considering whether to sell a security, the Subadvisor may evaluate, among other things, the condition of the economy, meaningful changes in the issuer's financial condition, changes in credit risk, and changes in projected interest return.</p> <div style="border-bottom:1pt; border-bottom-style:solid; border-bottom-color:#D9D9D9; border-top:1pt; border-top-style:solid; border-top-color:#D9D9D9; background-color:#D9D9D9; padding:1pt 0pt 1pt 0pt;"><div style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; text-indent:2.9pt; font-weight:bold;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Principal Risks </span></div></div><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by the Subadvisor may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.</p> You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Market Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments. </span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Portfolio Management Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The Subadvisor may give consideration to certain ESG criteria when evaluating an investment opportunity. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are different than the composition of the Fund's </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">benchmark; and (ii) performing differently than other funds and strategies in its peer group that do not take into account ESG criteria or the Fund's benchmark. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Yield Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> There can be no guarantee that the Fund will achieve or maintain any particular level of yield.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Convertible securities are typically subordinate to an issuer’s other debt obligations. In part, the total return for a convertible security depends upon the performance of the underlying stock into which it can be converted. Also, issuers of convertible securities are often not as strong financially as those issuing securities with higher credit ratings, are more likely to encounter financial difficulties and typically are more vulnerable to changes in the economy, such as a recession or a sustained period of rising interest rates, which could affect their ability to make interest and principal payments. Certain types of convertible securities may decline in value or lose their value entirely in the event that the issuer's financial condition becomes significantly impaired. If an issuer stops making interest and/or principal payments, the Fund could lose its entire investment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Synthetic Convertible Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The values of a synthetic convertible security and a true convertible security may respond differently to market fluctuations. In addition, in purchasing a synthetic convertible security, the Fund may have counterparty (including counterparty credit) risk with respect to the financial institution or investment bank that offers the instrument.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Debt Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The risks of investing in debt or fixed-income securities include (without limitation): (i) credit risk, e.g., the issuer or guarantor of a debt security may be unable or unwilling (or be perceived by market participants, rating agencies, pricing services or otherwise as unable or unwilling) to make timely principal and/or interest payments or otherwise honor its obligations, or changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may affect the value of the Fund’s investments; (ii) maturity risk, e.g., a debt security with a longer maturity may fluctuate in value more than one with a shorter maturity; (iii) market risk, e.g., low demand for debt securities may negatively impact their price; (iv) interest rate risk, e.g., when interest rates go up, the value of a debt security generally goes down, and when interest rates go down, the value of a debt security generally goes up (long-term debt securities are generally more susceptible to interest rate risk than short-term debt securities); and (v) call or prepayment risk, e.g., during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates.</span></p><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">Interest rate risk is the risk that the value of the Fund’s investments in fixed-income or debt securities will change because of changes in interest rates</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">. Changes in interest rates (or the expectation of such changes) or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for the Fund to sell its fixed-income or debt holdings. Decreased liquidity in the fixed-income or debt markets also may make it more difficult to value some or all of the Fund’s fixed-income or debt holdings. For most fixed-income investments, when market interest rates fall, prices of previously-issued fixed-rate debt securities rise. However, when market interest rates fall, prices of certain variable and fixed-rate debt securities may be adversely affected (i.e., falling interest rates bring the possibility of prepayment risk, as an instrument may be redeemed before maturity). Very low or negative interest rates may magnify interest rate risk. There is a risk that the income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities can result in increases or decreases in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates and/or volatility. Other factors that may affect the value of debt securities include, but are not limited to, economic, social, political, public health, and other crises and responses by governments and companies to such crises. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Not all U.S. government debt securities are guaranteed by the U.S. government—some are backed only by the issuing agency, which must rely on its own resources to repay the debt. The Fund's yield will fluctuate with changes in short-term interest rates.</p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">High-Yield Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in high-yield securities or non-investment grade securities (commonly referred to as "junk bonds") are considered speculative by certain ratings agencies because investments in such securities present a greater risk of loss than investments in higher quality securities. Such securities may, under certain circumstances, be less liquid than higher rated securities. These securities pay investors a premium (a high interest rate or yield) because of the potential illiquidity and increased risk of loss (which may be substantial or total loss) of income and principal. These securities can also be subject to greater price volatility. In times of unusual or adverse market, economic or political conditions, these securities may experience higher than normal default rates.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Equity Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Foreign Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of a security is considered to be a U.S. or foreign issuer based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg (or another similar third party). The issuer’s “country of risk” is determined based on a number of criteria, which may change from time to time and currently include, but are not limited to, its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. </span></p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Investments in foreign (non-U.S.) securities may be riskier than investments in U.S. securities. Foreign regulatory regimes and securities markets can have less stringent investor protections and disclosure standards and less liquid trading markets than U.S. regulatory regimes and securities </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">markets, and can experience political, social and economic developments (such as government expropriation, excessive taxation, political or social instability, trade restrictions (including tariffs) or economic sanctions) that may affect the value of investments in foreign securities. There can also be difficulty obtaining and enforcing judgments against issuers in foreign countries. Foreign securities may also subject the Fund's investments to changes in currency rates. Changes in the value of foreign currencies may make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Economic sanctions may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate the Fund’s ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make the Fund’s investments in such securities less liquid or more difficult to value. Such sanctions may also cause a decline in the value of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country. In addition, as a result of economic sanctions and other similar governmental actions or developments, the Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The Fund may seek to hedge against its exposure to changes in the value of foreign currency, but there is no guarantee that such hedging techniques will be successful in reducing any related foreign currency valuation risk. </p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Liquidity and Valuation Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s investments may be illiquid at the time of purchase or liquid at the time of purchase and subsequently become illiquid due to, among other things, events relating to the issuer of the securities, market events, operational issues, economic conditions, investor perceptions or lack of market participants. The lack of an active trading market may make it difficult to sell or obtain an accurate price for a security. If market conditions or issuer specific developments make it difficult to value securities, the Fund may value these securities using more subjective methods, such as fair value pricing. In such cases, the value determined for a security could be different than the value realized upon such security's sale. As a result, an investor could pay more than the market value when buying shares or receive less than the market value when selling shares. This could affect the proceeds of any redemption or the number of shares an investor receives upon purchase. The Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors' interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund’s performance. These risks are heightened for fixed-income instruments in a changing or volatile interest rate environment.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Money Market/Short-Term Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> To the extent the Fund holds cash or invests in money market or short-term securities, the Fund may be less likely to achieve its investment objective. In addition, it is possible that the Fund's investments in these instruments could lose money.</span></p> <p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:bold; text-decoration:none;">Private Placement and Restricted Securities Risk:</span><span style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest in privately issued securities, including those which may be resold only in accordance with Rule 144A under the Securities Act of 1933, as amended. Securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no market or a limited market for the resale of such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price. This potential lack of liquidity also may make it more difficult to accurately value these securities. </span></p> Past Performance <p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns compare with those of a broad measure of market performance and an additional index over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the Bloomberg U.S. Aggregate Bond Index to represent a broad measure of market performance. The table also includes the average annual returns of the ICE BofA U.S. Convertible Index, which is generally representative of the market sectors or types of investments in which the Fund invests. </p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.</p><p style="font-size:10.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Performance data for the classes varies based on differences in their fee and expense structures. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit nylim.com/funds for more recent performance information.</p> Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. Performance data is not shown for classes with less than one calendar year of performance. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. nylim.com/funds Annual Returns, Class I Shares(by calendar year 2016-2025) <table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:auto;margin-right:auto" width="66%"><tr style="font-size:1pt;"><td style="width:26.01%;"> </td><td style="width:66%;"> </td><td style="width:7.99%;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Best Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">2020, Q2</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">23.24</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr><tr><td colspan="2" style="vertical-align:bottom; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Sans-Serif; text-align:left; font-weight:bold; text-decoration:none;">Worst Quarter</p></td><td style="vertical-align:top; border-bottom:0.75pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.25pt; border-top-style:solid; border-top-color:#000000; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:10.0pt; font-family:Serif; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; font-weight:normal; text-decoration:none;">2020, Q1</span></p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-13.81</p></td><td style="vertical-align:bottom; border-bottom:0.25pt; border-bottom-style:solid; border-bottom-color:#000000; border-top:0.75pt; border-top-style:solid; border-top-color:#000000;"><p style="font-size:8.0pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">%</p></td></tr></table> Best Quarter 2020-06-30 0.2324 Worst Quarter 2020-03-31 -0.1381 Average Annual Total Returns (for the periods ended December 31, 2025) 2008-11-28 0.1581 0.0588 0.1037 0.1303 0.0340 0.0826 0.1053 0.0395 0.0784 1995-01-03 0.0909 0.0435 0.0939 2008-02-28 0.0940 0.0423 0.0917 1998-09-01 0.1327 0.0452 0.0897 Bloomberg U.S. Aggregate Bond Index1 0.0730 -0.0036 0.0201 ICE BofA U.S. Convertible Index2 0.1798 0.0505 0.1122 After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary. After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. 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0.3544 0.1018 -0.1194 0.092 0.0846 0.1581 No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. February 28, 2027 February 28, 2027 February 28, 2027 February 28, 2027 ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable3 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable5 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable7 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable9 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable11 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable13 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable15 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable17 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable19 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable21 ~ ~ http://www.mainstayinvestments.com/20251031/role/RRRiskTable23 ~ No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.75% on assets up to $500 million; 0.725% on assets from $500 million to $750 million; 0.71% on assets from $750 million to $1 billion; 0.70% on assets from $1 billion to $2 billion; 0.66% on assets from $2 billion to $3 billion; 0.61% on assets from $3 billion to $7 billion; 0.585% on assets from $7 billion to $9 billion; and 0.575% on assets over $9 billion. New York Life Investment Management LLC (”New York Life Investment Management”) has contractually agreed to waive a portion of its management fee for the Fund so that the management fee does not exceed 0.550% on assets from $11 billion to $13 billion; and 0.525% on assets over $13 billion. This agreement will remain in effect until February 28, 2027, and shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 1000® Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000® Index companies with higher price-to-book ratios and higher forecasted growth values. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.55% on assets up to $500 million; 0.525% on assets from $500 million to $1 billion; and 0.50% on assets over $1 billion. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The S&P 500® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.66% on assets up to $1 billion; 0.64% on assets from $1 billion to $3 billion; and 0.62% on assets over $3 billion. New York Life Investment Management LLC ("New York Life Investment Management") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, Trustee expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class I shares do not exceed 0.70% of its average daily net assets. In addition, New York Life Investment Management will waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class R6 do not exceed those of Class I. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or, at any time, upon approval of the Board of Trustees of the Fund. The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.70% on assets up to $500 million and 0.65% on assets over $500 million. New York Life Investment Management LLC ("New York Life Investment Management") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, Trustee expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) do not exceed the following percentages of its average daily net assets: Class A, 1.15%; and Class I, 0.85%. New York Life Investment Management will apply an equivalent waiver or reimbursement, in an equal number of basis points as the Class A shares waiver/reimbursement, to Investor Class and Class C shares. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or, at any time, upon approval of the Board of Trustees of the Fund. New York Life Investment Management has contractually agreed to waive fees and/or reimburse expenses so that the transfer agency expenses charged to each of the Fund’s share classes do not exceed 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursements or small account fees. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund. The JPMorgan EMBI Global Diversified Index is a market capitalization weighted, total return index tracking the traded market for U.S. dollar-denominated Brady Bonds, Eurobonds, traded loans and local market debt instruments issued by sovereign and quasi-sovereign entities. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.60% on assets up to $500 million; 0.55% on assets from $500 million to $5 billion; 0.525% on assets from $5 billion to $7 billion; 0.50% on assets from $7 billion to $10 billion; 0.49% on assets from $10 billion to $15 billion; and 0.48% on assets over $15 billion, plus a fee for fund accounting services previously provided by New York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting services fee amounted to 0.01% of the Fund's average daily net assets. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The ICE BofA U.S. High Yield Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issuers included in the ICE BofA U.S. High Yield Constrained Index have maturities of one year or more and have a credit rating lower than BBB-/Baa3, but are not in default. No single issuer may constitute greater than 2% of the ICE BofA U.S. High Yield Constrained Index. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.60% on assets up to $500 million; 0.55% on assets from $500 million up to $1 billion; 0.50% on assets from $1 billion to $5 billion; and 0.475% on assets over $5 billion. New York Life Investment Management LLC ("New York Life Investment Management") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest expenses (including interest on securities sold short), litigation, extraordinary expenses, Trustee expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class I shares do not exceed 0.68% of its average daily net assets. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or, at any time, upon approval of the Board of Trustees of the Fund. New York Life Investment Management has contractually agreed to waive fees and/or reimburse expenses so that the transfer agency expenses charged to each of the Fund’s share classes do not exceed 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursements or small account fees. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.50% on assets up to $500 million; 0.475% on assets from $500 million to $1 billion; 0.45% on assets over $1 billion to $3 billion; and 0.43% on assets over $3 billion. New York Life Investment Management LLC ("New York Life Investment Management") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, Trustee expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for a class do not exceed the following percentage of its average daily net assets: Class A, 0.85% and Class R6, 0.53%. New York Life Investment Management will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to Investor Class, Class C and Class I shares. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or, at any time, upon approval of the Board of Trustees of the Fund. New York Life Investment Management has contractually agreed to waive fees and/or reimburse expenses so that the transfer agency expenses charged to each of the Fund’s share classes do not exceed 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursements or small account fees. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The Bloomberg 5-10 Year Taxable Municipal Bond Index is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.45% on assets up to $500 million; 0.425% on assets from $500 million to $1 billion; 0.40% on assets from $1 billion to $5 billion; 0.39% on assets from $5 billion to $7 billion; 0.38% on assets from $7 billion to $9 billion; 0.37% on assets from $9 billion to $11 billion; and 0.36% on assets over $11 billion, plus a fee for fund accounting services previously provided by New York Life Investment Management LLC under a separate fund accounting agreement. This fund accounting services fee amounted to 0.01% of the Fund's average daily net assets. The Bloomberg Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year. Bonds subject to the alternative minimum tax or with floating or zero coupons are excluded. The management fee is as follows: 0.40% on assets up to $500 million; 0.35% on assets from $500 million up to $1 billion; and 0.30% on assets over $1 billion. New York Life Investment Management LLC ("New York Life Investment Management") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, Trustee expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) do not exceed the following percentages of its average daily net assets: Class A, 0.70%; Investor Class, 0.80%; Class C, 0.80%; and SIMPLE Class, 0.80%. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or, at any time, upon approval of the Board of Trustees of the Fund. The Average Lipper Money Market Fund is an equally weighted performance average adjusted for capital gains distributions and income dividends of all of the money market funds in the Lipper Universe. Lipper Inc., a wholly-owned subsidiary of Reuters Group PLC, is an independent monitor of mutual fund performance. Lipper averages are not class specific. Lipper returns are unaudited. No initial sales charge applies on investments of $250,000 or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.64% on assets up to $500 million; 0.60% on assets from $500 million up to $1 billion; 0.575% on assets from $1 billion up to $5 billion; and 0.565% on assets over $5 billion, plus a fee for fund accounting services previously provided by New York Life Investment Management LLC (“New York Life Investment Management”) under a separate fund accounting agreement. This fund accounting services fee amounted to 0.01% of the Fund's average daily net assets. New York Life Investment Management has contractually agreed to waive fees and/or reimburse expenses so that the transfer agency expenses charged to each of the Fund’s share classes do not exceed 0.35% of that share class’s average daily net assets on an annual basis after deducting any applicable Fund or class-level expense reimbursements or small account fees. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund. The MSCI World Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within “Information on Sales Charges” in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see “Sales Charges” in the Shareholder Guide. The management fee is as follows: 0.60% on assets up to $500 million; 0.55% on assets from $500 million up to $1 billion; 0.50% on assets from $1 billion up to $2 billion; 0.49% on assets from $2 billion to $5 billion; and 0.48% on assets over $5 billion. New York Life Investment Management LLC ("New York Life Investment Management") has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, Trustee expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for Class I shares do not exceed 0.61% of its average daily net assets. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investment Management provides written notice of termination prior to the start of the next term or, at any time, upon approval of the Board of Trustees of the Fund. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable rate mortgage pass-throughs), asset-backed securities and commercial mortgage-backed securities. The ICE BofA U.S. Convertible Index is a market-capitalization weighted index of domestic corporate convertible securities. In order to be included in the ICE BofA U.S. Convertible Index, bonds and preferred stocks must be convertible only to common stock.