AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 25, 2025

FILE NO. 033-02610

FILE NO. 811-04550

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

Post-Effective Amendment No. 166

AND

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 169

NEW YORK LIFE INVESTMENTS FUNDS

(exact name of registrant as specified in charter)

51 MADISON AVENUE
NEW YORK, NEW YORK 10010
(address of principal executive office)
REGISTRANT’S TELEPHONE NUMBER: (212) 576-7000

Copy to:


J. Kevin Gao, Esq. New York Life Investments Funds 51 Madison Avenue New York, NY 10010	Thomas C. Bogle, Esq. Corey F. Rose, Esq. Dechert LLP 1900 K Street, NW Washington, DC 20006

(NAME AND ADDRESS OF AGENT FOR SERVICE)

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

It is proposed that this filing will become effective:

 immediately upon filing pursuant to paragraph (b) of Rule 485

x on February 28, 2025, pursuant to paragraph (b)(1) of Rule 485

 60 days after filing pursuant to paragraph (a)(1) of Rule 485

 on _____________, pursuant to paragraph (a)(1) of Rule 485

 75 days after filing pursuant to paragraph (a)(2) of Rule 485

 on _____________, pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

 This Post-Effective Amendment designates a new effective date for a previously filed post-effective amendment.


Prospectus for New York Life Investments Equity Funds
	February 28, 2025


	Class A	Investor Class	Class C	Class I	Class P	Class R1	Class R2	Class R3	Class R6	SIMPLE Class
U.S. Equity
NYLI Epoch U.S. Equity Yield Fund	EPLPX	EPLIX	EPLKX	EPLCX	-	-	-	-	EPLDX	EPLMX
NYLI Fiera SMID Growth Fund	APSRX	-	APSLX	APSGX	-	-	-	-	APSDX	-
NYLI PineStone U.S. Equity Fund	FCUEX	-	FCUCX	FCUIX	FCUPX	-	-	-	FCUDX	-
NYLI S&P 500 Index Fund	MSXAX	MYSPX	-	MSPIX	-	-	-	-	-	MSXMX
NYLI Winslow Large Cap Growth Fund	MLAAX	MLINX	MLACX	MLAIX	-	MLRRX	MLRTX	MLGRX	MLRSX	MLRMX
NYLI WMC Enduring Capital Fund	MSOAX	MCSSX	MGOCX	MSOIX	-	-	-	-	MCSDX	-
NYLI WMC Growth Fund	KLGAX	KLGNX	KLGCX	KLGIX	-	-	-	-	KLGDX	-
NYLI WMC Small Companies Fund	MOPAX	MOINX	MOPCX	MOPIX	-	-	-	-	-	-
NYLI WMC Value Fund	MAPAX	MSMIX	MMPCX	MUBFX	-	-	-	-	MMPDX	-
International
NYLI Epoch International Choice Fund	ICEVX	ICELX	ICEWX	ICEUX	-	-	-	-	-	ICERX
NYLI PineStone International Equity Fund	FCIRX	FCIKX	FCICX	FCIUX	FCIHX	-	-	-	FCIWX	-
NYLI WMC International Research Equity Fund	MYITX	MYINX	MYICX	MYIIX	-	-	-	-	-	-
Emerging Markets
NYLI Candriam Emerging Markets Equity Fund	MCYAX	MCYVX	MCYCX	MCYIX	-	-	-	-	MCYSX	-
Global
NYLI Epoch Capital Growth Fund	MECDX	MECVX	MECEX	MECFX	-	-	-	-	-	-
NYLI Epoch Global Equity Yield Fund	EPSPX	EPSIX	EPSKX	EPSYX	-	-	-	-	EPSRX	-
NYLI PineStone Global Equity Fund	FCGEX	-	FCGYX	FCGIX	FCGPX	-	-	-	FCGMX	-

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Table of Contents

U.S. Equity


NYLI Epoch U.S. Equity Yield Fund	4
NYLI Fiera SMID Growth Fund	9
NYLI PineStone U.S. Equity Fund	15
NYLI PineStone U.S. Equity Fund (Class P)	20
NYLI S&P 500 Index Fund	25
NYLI Winslow Large Cap Growth Fund	30
NYLI WMC Enduring Capital Fund	35
NYLI WMC Growth Fund	40
NYLI WMC Small Companies Fund	45
NYLI WMC Value Fund	50

International


NYLI Epoch International Choice Fund	55
NYLI PineStone International Equity Fund	62
NYLI PineStone International Equity Fund (Class P)	69
NYLI WMC International Research Equity Fund	75

Emerging Markets


NYLI Candriam Emerging Markets Equity Fund	81

Global


NYLI Epoch Capital Growth Fund	88
NYLI Epoch Global Equity Yield Fund	94
NYLI PineStone Global Equity Fund	100
NYLI PineStone Global Equity Fund (Class P)	106
More About Investment Strategies and Risks	112
Shareholder Guide	131
Know With Whom You Are Investing	174
Financial Highlights	184
Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts	241

NYLI Epoch U.S. Equity Yield Fund

Investment Objective

The Fund seeks current income and capital appreciation.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 140 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.69	%	0.69	%	0.69	%	0.69	%	0.69	%	0.69	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None		0.50	%
	Other Expenses	0.11	%	0.44	%	0.44	%	0.11	%	0.05	%	0.13	%
	Total Annual Fund Operating Expenses	1.05	%	1.38	%	2.13	%	0.80	%	0.74	%	1.32	%
	Waivers / Reimbursements^3,4	0.00	%	(0.06	)%	(0.05	)%	(0.07	)%	(0.01	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^3,4	1.05	%	1.32	%	2.08	%	0.73	%	0.73	%	1.32	%

1. 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.

2. The management fee is as follows: 0.70% on assets up to $500 million; 0.68% on assets from $500 million to $1 billion; 0.66% on assets from $1 billion to $2 billion; and 0.65% on assets over $2 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 I shares do not exceed 0.73% of its average daily net assets. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

4. New York Life Investments 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

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:


Expenses After	Class A	Investor	Class C		Class I	Class R6	SIMPLE
		Class	Assuming no redemption	Assuming redemption at end of period			Class
1 Year	$ 651	$ 628	$ 211	$ 311	$ 75	$ 75	$ 134
3 Years	$ 866	$ 909	$ 662	$ 662	$ 248	$ 236	$ 418
5 Years	$ 1,098	$ 1,212	$ 1,140	$ 1,140	$ 437	$ 410	$ 723
10 Years	$ 1,762	$ 2,070	$ 2,267	$ 2,267	$ 983	$ 917	$ 1,590

NYLI Epoch U.S. Equity Yield Fund

Portfolio Turnover

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 13% of the average value of its portfolio.

Principal Investment Strategies

The Fund generally invests in a diversified portfolio consisting of equity securities of U.S. companies that have a history of attractive dividend yields and positive growth in operating cash flow. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of dividend-paying U.S. companies across all market capitalizations. The Fund may invest up to 15% 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.

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.

The Subadvisor seeks to find and invest in companies that meet its definition of quality-companies that are free cash flow positive or becoming free cash flow positive, and that are led by strong management. The Subadvisor evaluates whether a company has a focus on shareholder yield by analyzing the company's existing cash dividend, the company's share repurchase activities, and the company's debt reduction activities as well as the likelihood of positive changes to each of these criteria, among other factors. Material environmental, social and governance ("ESG") factors are identified and monitored by the Subadvisor. Material ESG factors vary by company and industry, but the Subadvisor pays particular attention to factors relating to climate change and corporate governance. This information is taken into account by the Subadvisor in making investment decisions. Material ESG factors are identified and monitored by the Subadvisor through review of ESG information published by the company (where relevant) or selected specialist third-party research and data providers. While the Subadvisor 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.

The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or if the investment thesis is failing to materialize. The Subadvisor may also sell or reduce a position in a security if it sees an interruption to the dividend policy, a deterioration in fundamentals or when the security is deemed less attractive relative to another security on a return/risk basis.

Principal Risks

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.

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Market Risk: 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 and geopolitical factors (including responses to government actions or interventions) 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.

Portfolio Management Risk: 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 significantly 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.

Equity Securities Risk: 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.

NYLI Epoch U.S. Equity Yield Fund

Dividend-Paying Stock Risk: Emphasis on equity and equity-related securities that produce income or other distributions involves the risk that such securities may fall out of favor with investors and underperform the market. Depending upon market conditions, income producing stocks that meet the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified. Also, an issuer may reduce or eliminate its income payments or other distributions, particularly during a market downturn. The distributions received may not qualify as income for Fund investors.

Value Stock Risk: 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.

Market Capitalization Risk: 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.

Foreign Securities Risk: 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.

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. 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.

Past Performance

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, as well as an additional index and a composite 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^®Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 1000^® Value Index and the U.S. Equity Yield Composite Index, which are generally representative of the market sectors or types of investments in which the Fund invests. Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

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 newyorklifeinvestments.com/funds for more recent performance information.

NYLI Epoch U.S. Equity Yield Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-2.49,2016:14.66,2017:16.91,2018:-5.37,2019:23.97,2020:0.24,2021:22.98,2022:-2.57,2023:8.62,2024:18.6)


Best Quarter
2022, Q4	13.65	%
Worst Quarter
2020, Q1	-23.86	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	12/3/2008	18.60	%	9.12	%	9.02	%
Return After Taxes on Distributions
Class I		15.93	%	7.90	%	7.77	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		13.05	%	7.08	%	7.06	%
Return Before Taxes
Class A	2/3/2009	11.75	%	7.54	%	8.10	%
Investor Class	11/16/2009	11.98	%	7.26	%	7.86	%
Class C	11/16/2009	15.98	%	7.67	%	7.66	%
Class R6	5/8/2017	18.60	%	9.12	%	9.56	%
SIMPLE Class	8/31/2020	17.92	%	N/A		11.99	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
Russell 1000^® Value Index²		14.37	%	8.68	%	8.49	%
U.S. Equity Yield Composite Index³		12.56	%	6.86	%	8.72	%

1. 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.

2. 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.

3. The U.S. Equity Yield Composite Index consists of the MSCI USA High Dividend Yield Index and the MSCI USA Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI USA High Dividend Yield Index is based on the MSCI USA Index and includes large- and mid-cap stocks. It is designed to reflect the performance of equities in the MSCI USA Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI USA Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. It is calculated by optimizing the MSCI USA Index in U.S. dollars for the lowest absolute risk (within a given set of constraints).

NYLI Epoch U.S. Equity Yield Fund

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.

Management

New York Life Investment Management LLC serves as the Manager. Epoch Investment Partners, Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Managers	Service Date

Epoch Investment Partners, Inc.	Kera Van Valen, Managing Director	Since 2009
	Michael Jin, Managing Director	Since 2024
	Lin Lin, Managing Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $1,000 for SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan. Class A and SIMPLE Class shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Certain financial intermediaries through whom you may invest may impose their own investment minimums, fees, policies and procedures for purchasing and selling Fund shares, which are not described in this Prospectus or the Statement of Additional Information, and which will depend on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.

Tax Information

The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account.

Compensation to Financial Intermediary Firms

If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.

NYLI Fiera SMID Growth Fund

Investment Objective

The Fund seeks long term capital growth.

Fees and Expenses of the Fund


		Class A		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.75	%	0.75	%	0.75	%	0.75	%
	Distribution and/or Service (12b-1) Fees	0.25	%	1.00	%	None		None
	Other Expenses	0.23	%	0.31	%	0.23	%	0.08	%
	Total Annual Fund Operating Expenses	1.23	%	2.06	%	0.98	%	0.83	%
	Waivers / Reimbursements²	(0.08	)%	(0.01	)%	(0.13	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements²	1.15	%	2.05	%	0.85	%	0.83	%

2. New York Life Investments has contractually agreed to 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 a class do not exceed the following percentage of its average daily net assets: Class A, 1.15%; Class C, 2.05%; Class I, 0.85%; and Class R6, 0.84%. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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 Class A shares in years 9-10. 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:


Expenses After	Class A	Class C		Class I	Class R6
		Assuming no redemption	Assuming redemption at end of period
1 Year	$ 661	$ 208	$ 308	$ 87	$ 85
3 Years	$ 911	$ 645	$ 645	$ 299	$ 265
5 Years	$ 1,181	$ 1,108	$ 1,108	$ 529	$ 460
10 Years	$ 1,950	$ 2,176	$ 2,176	$ 1,190	$ 1,025

Portfolio Turnover

Principal Investment Strategies

Fiera Capital Inc. (the “Subadvisor”) seeks to achieve the Fund’s investment objective by investing in a diversified portfolio of common stocks of companies believed to be small- and mid-cap growth-oriented companies that are selected for their long-term capital appreciation potential and which the Subadvisor expects to grow faster than the U.S. economy.

NYLI Fiera SMID Growth Fund

The Fund considers an issuer to be a small- or mid-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of Russell 2500^TM Growth Index (which as of December 31, 2024 ranged from $6.6 million to $27.5 billion) or the Russell Midcap^® Growth Index (which as of December 31, 2024 ranged from $664 million to $172 billion). These ranges are subject to change over time due to changes in market and/or economic conditions. The Fund may also invest in exchange-traded funds (“ETFs”).

The Fund may also invest in companies that are in the earlier stages of their growth cycle that the Subadvisor recognizes as “emerging growth” companies. The Subadvisor believes that emerging growth companies can typically exhibit more aggressive growth characteristics and may be experiencing a significant positive transformation or a favorable catalyst impacting their long-term earnings potential. Characteristics the Subadvisor considers in identifying emerging growth companies for the Fund include accelerating revenue growth, strong relative strength, company specific market advantage, or an introduction of a new product line with a large addressable marketplace.

Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in common stocks of small- and mid-cap companies. The Fund may invest up to 15% of its assets in common stocks of foreign small- and mid-cap companies through the purchase of sponsored American Depositary Receipts (“ADRs”), sponsored Global Depositary Receipts and/or foreign companies listed on U.S. stock exchanges.

An issuer is considered to be U.S. or foreign based on the issuer’s “country of risk” (or similar designation) as determined by a third party such as Bloomberg.

The Fund may from time to time emphasize one or more sectors as defined by GICs classification in selecting its investments, including the information technology, health care and consumer staples sectors.

Investment Process:

In selecting investments for the Fund, the Subadvisor uses an approach that combines “top-down” secular/macro-economic trend analysis with “bottom-up” security selection. The “top-down” approach takes into consideration factors such as interest rates, inflation, fiscal and monetary policy, global demographic trends, the regulatory environment and other attractive global investment opportunities. In addition, the Subadvisor may make investments in companies that seek to benefit from secular growth trends.

Through this “top-down” view, the Subadvisor seeks to provide a framework for “bottom-up” research by identifying sectors, industries and companies that may benefit from the sustainability of the observed trends.

The Subadvisor then looks to fundamental “bottom-up” research for individual companies that it believes are exhibiting earnings growth potential at different stages of a company’s growth cycle and may benefit from the observed secular/macro trends. The core investments of the Fund typically include more established companies that the Subadvisor recognizes as “stable growth” companies, but the Fund may also invest in “emerging growth” companies. The Subadvisor believes that stable growth companies can typically provide more stability and consistency in volatile markets and are identified as exhibiting potential earnings acceleration, consistency of earnings, solid fundamentals (e.g., a strong balance sheet and the ability to generate free cash flow), franchise durability and reasonable valuations in the context of projected growth rates.

The Fund may sell securities and other investments when the Subadvisor believes that they have achieved full valuation, the Subadvisor identifies a more attractive investment, the Fund needs to maintain portfolio diversification, or an individual stock experiences declining fundamentals, negative earnings reports or similar adverse events or other relevant factors. In general, once the market capitalization of an investment exceeds the market capitalization ranges stated above, the Subadvisor expects to gradually liquidate the position.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

NYLI Fiera SMID Growth Fund

Market Capitalization Risk: Investments in securities issued by small- or mid-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. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.

Growth Stock Risk: 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.

Issuer Risk: An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.

Depositary Receipts Risk: 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.

Exchange-Traded Fund Risk: The risks of owning an ETF generally reflect the risks of owning the underlying securities in which the ETF invests or is designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile than its underlying portfolio securities. Disruptions in the markets for the securities underlying ETFs could result in losses on the investments in ETFs. ETFs also have management fees and transaction costs that may make them more expensive than owning the underlying securities directly.

Sector Risk: To the extent the Fund focuses its investments in particular sectors of the economy, the Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including information technology, health care and consumer staples sectors. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

The Fund may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including

NYLI Fiera SMID Growth Fund

obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.

The Fund may also be more susceptible to the particular risks that may affect companies in the consumer staples sector than if it were invested in a wider variety of companies in unrelated sectors. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Performance of companies in the consumer staples sector may be adversely impacted by fluctuations in supply and demand, changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production spending. Companies in the consumer staples sector are also affected by changes in government regulation, global economic, environmental and political events, and economic conditions.

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 2500™ Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective July 21, 2023, the Fiera Capital Small/Mid-Cap Growth Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to July 21, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund. The historical performance presented prior to February 12, 2018 reflects the performance of APEXcm Small/Mid-Cap Growth Fund, a former series of The Ultimus Managers Trust (the "Prior Predecessor Fund"). The returns of the Prior Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Predecessor Fund or the Fund. The returns prior to February 12, 2018 are based on the previous performance and actual fees and expenses of the Prior Predecessor Fund's sole class of shares (i.e., the Predecessor Fund's Institutional Class shares, which commenced operations on June 29, 2012). The Predecessor Fund's Investor Class shares commenced operations on February 12, 2018.

NYLI Fiera SMID Growth Fund

Annual Returns, Class I shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-2.46,2016:2.97,2017:26.6,2018:-9.56,2019:31.15,2020:44.48,2021:16.96,2022:-23.56,2023:25.16,2024:5.54)


Best Quarter
2020, Q2	33.72	%
Worst Quarter
2020, Q1	-23.24	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	6/29/2012	5.54	%	11.28	%	9.91	%
Return After Taxes on Distributions
Class I		4.88	%	8.63	%	7.70	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		3.82	%	8.60	%	7.59	%
Return Before Taxes
Class A	2/12/2018	-0.53	%	10.98	%	10.42	%
Class C	7/24/2023	3.28	%	N/A		6.89	%
Class R6	7/24/2023	5.60	%	N/A		8.17	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
Russell 2500^TM Growth Index²		13.90	%	8.08	%	9.45	%

1. 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.

2. The Russell 2500™ Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Management

New York Life Investment Management LLC serves as the Manager. Fiera Capital, Inc. serves as the Subadvisor. The individuals listed below are primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Managers	Service Date

Fiera Capital Inc.	Sunil M. Reddy - Lead Portfolio Manager	Since 2023
	David Cook - Portfolio Manager	Since 2023

NYLI Fiera SMID Growth Fund

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Class C shares. However, for Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI PineStone U.S. Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund


		Class A		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.55	%	0.55	%	0.55	%	0.55	%
	Distribution and/or Service (12b-1) Fees	0.25	%	1.00	%	None		None
	Other Expenses	0.10	%	0.30	%	0.10	%	0.06	%
	Total Annual Fund Operating Expenses	0.90	%	1.85	%	0.65	%	0.61	%

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 Class A shares in years 9-10. 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:


Expenses After	Class A	Class C		Class I	Class R6
		Assuming no redemption	Assuming redemption at end of period
1 Year	$ 637	$ 188	$ 288	$ 66	$ 62
3 Years	$ 821	$ 582	$ 582	$ 208	$ 195
5 Years	$ 1,021	$ 1,001	$ 1,001	$ 362	$ 340
10 Years	$ 1,597	$ 1,920	$ 1,920	$ 810	$ 762

Portfolio Turnover

Principal Investment Strategies

PineStone Asset Management Inc., the Fund’s subadvisor (the “Subadvisor”), seeks to achieve the Fund’s investment objective by investing substantially in a portfolio of U.S. equities. The Fund generally expects to focus on issuers with market capitalizations in excess of $5 billion.

The Subadvisor seeks to invest in what it believes are quality companies, i.e., companies that the Subadvisor considers to have, among other things, an ability to generate an elevated level of return on invested capital significantly above the cost of capital.

Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of U.S. companies. 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, Factset or ICE Data Services Inc.

NYLI PineStone U.S. Equity Fund

Equity securities include common stock, preferred stock, convertible securities and depositary receipts.

Investment Process:

In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a portfolio generally ranging from 20 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).

The Subadvisor looks for quality companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:

· Competitive advantage in an industry with high barriers to entry;

· Attractive industry with pricing power, organic growth and limited cyclicality;

· Strong management teams with sound corporate governance;

· History of stable profit margins;

· Solid balance sheet with low leverage; and

· Attractive valuation with a stock price below intrinsic value.

The portfolio management team expects to take a longer-term investment perspective, generally seeking to hold investments in companies for at least 5 years. In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.

The Fund is non-diversified, which means that it may invest a greater amount of its assets in the securities of a single issuer or a small number of issuers than a diversified fund.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

NYLI PineStone U.S. Equity Fund

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.

Non-Diversification Risk: The Fund is a non-diversified, open-end management investment company under the Investment Company Act of 1940, as amended. A non-diversified fund may have a significant portion of its investments in a smaller number of issuers than a diversified fund. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

Preferred Stock Risk: Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. To the extent that the Fund invests a substantial portion of its assets in convertible preferred stocks, declining common stock values may also cause the value of the Fund’s investments to decline.

Convertible Securities Risk: 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.

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the S&P 500^® Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective August 25, 2023, the Fiera Capital U.S. Equity Long-Term Quality Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

NYLI PineStone U.S. Equity Fund

Annual Returns, Class I Shares

(by the calendar year 2020-2024)

PerformanceBarChartData(2020:23.41,2021:33.27,2022:-15.52,2023:21.83,2024:11.36)


Best Quarter
2020, Q2	19.83	%
Worst Quarter
2020, Q1	-15.17	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	9/30/2019	11.36	%	13.52	%	14.85	%
Return After Taxes on Distributions
Class I		10.97	%	13.09	%	14.42	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		7.02	%	10.79	%	11.94	%
Return Before Taxes
Class A	9/30/2019	5.00	%	13.25	%	14.58	%
Class C	8/28/2023	9.02	%	N/A		12.52	%
Class R6	8/28/2023	11.41	%	N/A		13.88	%
Russell 3000^® Index¹		23.81	%	13.86	%	15.05	%
S&P 500^® Index²		25.02	%	14.53	%	15.69	%

1. 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.

2. The S&P 500^® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.

Management

New York Life Investment Management LLC serves as the Manager. PineStone Asset Management Inc. serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Managers	Service Date

PineStone Asset Management Inc.	Nadim Rizk, MBA, CFA, CEO & CIO	Since 2023
	Andrew Chan, CIM, Head of Research & Portfolio Manager	Since 2023

NYLI PineStone U.S. Equity Fund

How to Purchase and Sell Shares

Tax Information

Compensation to Financial Intermediary Firms

NYLI PineStone U.S. Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries for effecting transactions in a class of shares of the Fund that has no initial sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, such as Class P shares. These fees are not reflected in the fee and expense table or example table below.


		Class P
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.55	%
	Distribution and/or Service (12b-1) Fees	None
	Other Expenses	0.07	%
	Total Annual Fund Operating Expenses	0.62	%

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:


	1 Year	3 Years	5 Years	10 Years
Class P	$ 63	$ 199	$ 346	$ 774

Portfolio Turnover

Principal Investment Strategies

Equity securities include common stock, preferred stock, convertible securities and depositary receipts.

Investment Process:

· Competitive advantage in an industry with high barriers to entry;

· Attractive industry with pricing power, organic growth and limited cyclicality;

NYLI PineStone U.S. Equity Fund

· Strong management teams with sound corporate governance;

· History of stable profit margins;

· Solid balance sheet with low leverage; and

· Attractive valuation with a stock price below intrinsic value.

The Fund is non-diversified, which means that it may invest a greater amount of its assets in the securities of a single issuer or a small number of issuers than a diversified fund.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

NYLI PineStone U.S. Equity Fund

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the S&P 500^® Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

The following bar chart and table reflect the performance for Class P shares of the Fund.

Performance data for the classes varies based on differences in their fee and expense structures. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Please visit newyorklifeinvestments.com/funds for more recent performance information.

NYLI PineStone U.S. Equity Fund

Annual Returns, Class P Shares

(by calendar year 2024)

PerformanceBarChartData(2024:11.35)


Best Quarter
2024, Q3	8.27	%
Worst Quarter
2024, Q4	-2.92	%

Average Annual Total Returns (for the periods ended December 31, 2024)


	Inception	1 Year		Since Inception
Return Before Taxes
Class P	8/28/2023	11.35	%	13.88	%
Return After Taxes on Distributions
Class P		10.95	%	13.50	%
Return After Taxes on Distributions and Sale of Fund Shares
Class P		7.02	%	10.63	%
Russell 3000^® Index¹		23.81	%	25.19	%
S&P 500^® Index²		25.02	%	25.67	%

1. 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.

2. The S&P 500^® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.

Management


Subadvisor	Portfolio Managers	Service Date

PineStone Asset Management Inc.	Nadim Rizk, MBA, CFA, CEO & CIO	Since 2023
	Andrew Chan, CIM, Head of Research & Portfolio Manager	Since 2023

How to Purchase and Sell Shares

NYLI PineStone U.S. Equity Fund

64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts.

Class P shares are generally only available to investors that have a relationship with PineStone Asset Management Inc. and are investing directly with the Fund. An investment minimum of $5,000,000 applies for Class P shares. Class P shares have no subsequent investment minimum.

Tax Information

Compensation to Financial Intermediary Firms

If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class P shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class P shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.

NYLI S&P 500 Index Fund

Investment Objective

The Fund seeks investment results that correspond to the total return performance (reflecting reinvestment of dividends) of common stocks in the aggregate, as represented by the S&P 500^® Index.

Fees and Expenses of the Fund


		Class A		Investor Class		Class I		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	1.50	%	1.00	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.16	%	0.16	%	0.16	%	0.16	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	None		0.50	%
	Other Expenses	0.10	%	0.39	%	0.10	%	0.08	%
	Total Annual Fund Operating Expenses	0.51	%	0.80	%	0.26	%	0.74	%

2. The management fee is as follows: 0.16% on assets up to $2.5 billion; and 0.15% on assets over $2.5 billion.

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:


Expenses After	Class A	Investor	Class I	SIMPLE
		Class		Class
1 Year	$ 201	$ 181	$ 27	$ 76
3 Years	$ 311	$ 353	$ 84	$ 237
5 Years	$ 431	$ 540	$ 146	$ 411
10 Years	$ 781	$ 1,080	$ 331	$ 918

Portfolio Turnover

Principal Investment Strategies

The Fund normally invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in stocks as represented in the Standard & Poor's 500^® Index ("S&P 500^® Index”) in the same proportion, to the extent feasible.

The Fund may invest up to 20% of its total assets in options and futures contracts to maintain cash reserves, while being fully invested, to facilitate trading or to reduce transaction costs. The Fund may invest in such derivatives to try to enhance returns or reduce the risk of loss by hedging certain of its holdings.

NYLI S&P 500 Index Fund

Investment Process: New York Life Investment Management LLC (“New York Life Investments”) uses statistical techniques to determine which stocks are to be purchased or sold to replicate the S&P 500^® Index to the extent feasible. From time to time, adjustments may be made in the Fund's holdings because of changes in the composition of the S&P 500^® Index. The correlation between the investment performance of the Fund and the S&P 500^® Index is expected to be at least 0.95, before charges, fees and expenses, on an annual basis. A correlation of 1.00 would indicate perfect correlation, which would be achieved when the net asset value of the Fund, including the value of its dividend and capital gains distributions, increases or decreases in exact proportion to changes in the S&P 500^® Index.

Principal Risks

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 New York Life Investments 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.

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Manager may not produce the desired results or expected returns.

Index Strategy Risk: The Fund employs an index strategy that seeks to invest in stocks as represented in the S&P 500^® Index. If the value of the S&P 500^® Index declines, the net asset value of shares of the Fund will also decline. Also, the Fund’s fees and expenses will reduce the Fund’s returns, whereas the S&P 500^® Index is not subject to fees and expenses.

Correlation Risk: The ability to track the S&P 500^® Index may be affected by, among other things, transaction costs; changes in either the composition of the S&P 500^® Index or the number of shares outstanding for the components of the S&P 500^® Index; and timing and amount of purchases and redemptions of the Fund's shares. Therefore, there is no assurance that the investment performance of the Fund will equal or exceed that of the S&P 500^® Index.

NYLI S&P 500 Index Fund

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.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

The Fund’s subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, a former subadvisor, transitioned to MacKay Shields LLC. The Fund's subadvisor changed again effective June 10, 2022 due to the transition of Francis J. Ok, the Fund's portfolio manager, from MacKay Shields LLC, a former subadvisor, to IndexIQ Advisors LLC, which was a wholly-owned, indirect subsidiary of New York Life Investment Holdings LLC.

Effective August 28, 2024, all investment personnel of IndexIQ Advisors LLC, a former subadvisor, and the day-to-day investment services provided by IndexIQ Advisors LLC to the Fund, were transitioned to New York Life Investment Management LLC.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:1.07,2016:11.57,2017:21.45,2018:-4.61,2019:31.18,2020:18.12,2021:28.37,2022:-18.31,2023:25.96,2024:24.67)


Best Quarter
2020, Q2	20.45	%
Worst Quarter
2020, Q1	-19.61	%

NYLI S&P 500 Index Fund

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/1991	24.67	%	14.23	%	12.79	%
Return After Taxes on Distributions
Class I		23.21	%	12.51	%	10.47	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		15.69	%	11.05	%	9.79	%
Return Before Taxes
Class A	1/2/2004	22.48	%	13.25	%	12.17	%
Investor Class	2/28/2008	22.88	%	13.05	%	11.99	%
SIMPLE Class	8/31/2020	24.05	%	N/A		13.46	%

S&P 500^® Index¹		25.02	%	14.53	%	13.10	%

1. The S&P 500^® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.

Management

New York Life Investment Management LLC serves as the Manager. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Manager	Portfolio Managers	Service Date

New York Life Investment Management LLC	Francis J. Ok, Managing Director	Since 1996
	Greg Barrato, Director	Since 2023

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class shares. However, for Investor Class shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI S&P 500 Index Fund

intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.

NYLI Winslow Large Cap Growth Fund

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		Class R1		Class R2		Class R3		Class R6		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None		None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None		None		None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.61	%	0.61	%	0.61	%	0.61	%	0.61	%	0.61	%	0.61	%	0.61	%	0.61	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None		0.25	%	0.50	%	None		0.50	%
	Other Expenses	0.09	%	0.28	%	0.28	%	0.09	%	0.19	%	0.19	%	0.19	%	0.02	%	0.09	%
	Total Annual Fund Operating Expenses	0.95	%	1.14	%	1.89	%	0.70	%	0.80	%	1.05	%	1.30	%	0.63	%	1.20	%
	Waivers / Reimbursements³	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.94	%	1.13	%	1.88	%	0.69	%	0.79	%	1.04	%	1.29	%	0.62	%	1.19	%

2. 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.

3 New York Life Investments 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, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R1	Class R2	Class R3	Class R6	SIMPLE
		Class	Assuming no redemption	Assuming redemption at end of period						Class
1 Year	$ 641	$ 609	$ 191	$ 291	$ 70	$ 81	$ 106	$ 131	$ 63	$ 121
3 Years	$ 835	$ 843	$ 593	$ 593	$ 223	$ 254	$ 333	$ 411	$ 201	$ 380
5 Years	$ 1,046	$ 1,095	$ 1,020	$ 1,020	$ 389	$ 443	$ 578	$ 712	$ 350	$ 659
10 Years	$ 1,651	$ 1,816	$ 2,015	$ 2,015	$ 870	$ 989	$ 1,282	$ 1,567	$ 785	$ 1,454

Portfolio Turnover

NYLI Winslow Large Cap Growth Fund

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 70% of the average value of its portfolio.

Principal Investment Strategies

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 ETF or mutual fund based on performance taking into account the entire U.S. equity ETF 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.

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.

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.

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.

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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI Winslow Large Cap Growth Fund

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 1000^®Growth Index and the S&P 500^® Index, which are generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI Winslow Large Cap Growth Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:6.17,2016:-2.28,2017:32.39,2018:3.74,2019:33.67,2020:37.38,2021:24.81,2022:-31.25,2023:42.99,2024:29.72)


Best Quarter
2020, Q2	28.27	%
Worst Quarter
2022, Q2	-22.24	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	4/1/2005	29.72	%	16.94	%	15.33	%
Return After Taxes on Distributions
Class I		24.63	%	13.44	%	11.86	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		20.62	%	12.91	%	11.58	%
Return Before Taxes
Class A	7/1/1995	22.23	%	15.34	%	14.40	%
Investor Class	2/28/2008	22.71	%	15.16	%	14.25	%
Class C	4/1/2005	27.20	%	15.58	%	14.03	%
Class R1	4/1/2005	29.59	%	16.82	%	15.22	%
Class R2	4/1/2005	29.20	%	16.54	%	14.93	%
Class R3	4/28/2006	28.93	%	16.25	%	14.64	%
Class R6	6/17/2013	29.77	%	17.01	%	15.43	%
SIMPLE Class	8/31/2020	28.96	%	N/A		11.69	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
Russell 1000^® Growth Index²		33.36	%	18.96	%	16.78	%
S&P 500^® Index³		25.02	%	14.53	%	13.10	%

1. 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.

2. 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.

3. The S&P 500^® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.

NYLI Winslow Large Cap Growth Fund

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.

Management

New York Life Investment Management LLC serves as the Manager. Winslow Capital Management, LLC serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Managers	Service Date

Winslow Capital Management, LLC	Justin H. Kelly, Chief Executive Officer & Chief Investment Officer	Since 2005
	Patrick M. Burton, Senior Managing Director	Since 2013
	Steven M. Hamill, Senior Managing Director	Since 2023
	Peter A. Dlugosch, Managing Director	Since 2022

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Class R1 shares, Class R2 shares, Class R3 shares, Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI WMC Enduring Capital Fund

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.55	%	0.55	%	0.55	%	0.55	%	0.55	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.13	%	0.35	%	0.35	%	0.13	%	0.06	%
	Total Annual Fund Operating Expenses	0.93	%	1.15	%	1.90	%	0.68	%	0.61	%

2 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 640	$ 611	$ 193	$ 293	$ 69	$ 62
3 Years	$ 830	$ 847	$ 597	$ 597	$ 218	$ 195
5 Years	$ 1,036	$ 1,101	$ 1,026	$ 1,026	$ 379	$ 340
10 Years	$ 1,630	$ 1,828	$ 2,027	$ 2,027	$ 847	$ 762

Portfolio Turnover

Principal Investment Strategies

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 & Poor's 500^® Index ("S&P 500^® Index”) (which ranged from $6.1 billion to $3.8 trillion as of December 31, 2024) or the Russell 3000^® Index (which ranged from $6.1 million to $3.8 trillion as of December 31, 2024). The Fund may also invest in securities of foreign issuers, including securities of emerging market country issuers. An issuer of a security is

NYLI WMC Enduring Capital Fund

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.

Investment Process: 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Emerging Markets Risk: 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 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 wars, 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.

NYLI WMC Enduring Capital Fund

Real Estate Investment Trust Risk: Investments in REITs involve risks associated with direct ownership of real estate, including decline in property values, extended vacancies, increases in property taxes 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.

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the S&P 500^® Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

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.

NYLI WMC Enduring Capital Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:0.85,2016:7.86,2017:24.14,2018:-6.34,2019:25.12,2020:15.81,2021:35.45,2022:-13.01,2023:17.75,2024:11.01)


Best Quarter
2020, Q2	21.45	%
Worst Quarter
2020, Q1	-20.70	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	12/28/2004	11.01	%	12.27	%	10.94	%
Return After Taxes on Distributions
Class I		10.88	%	11.31	%	9.84	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		6.62	%	9.53	%	8.64	%
Return Before Taxes
Class A	6/1/1998	4.64	%	10.72	%	10.03	%
Investor Class	2/28/2008	4.94	%	10.46	%	9.76	%
Class C	9/1/1998	8.63	%	10.87	%	9.56	%
Class R6	4/26/2021	11.09	%	N/A		8.28	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
S&P 500^® Index²		25.02	%	14.53	%	13.10	%

1. 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.

2. The S&P 500^® Index is widely regarded as the standard index for measuring large-cap U.S. stock market performance.

NYLI WMC Enduring Capital Fund

Management

New York Life Investment Management LLC serves as the Manager. Wellington Management Company LLP serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Manager	Service Date

Wellington Management Company LLP	Mark A. Whitaker, Senior Managing Director and Equity Portfolio Manager	Since 2021
	Rob Katz, Vice President and Equity Research Analyst	Since 2024

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts.Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI WMC Growth Fund

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.68	%	0.68	%	0.68	%	0.68	%	0.68	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.10	%	0.48	%	0.48	%	0.10	%	0.04	%
	Total Annual Fund Operating Expenses	1.03	%	1.41	%	2.16	%	0.78	%	0.72	%
	Waivers / Reimbursements^3,4	0.00	%	(0.09	)%	(0.08	)%	(0.03	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^3,4	1.03	%	1.32	%	2.08	%	0.75	%	0.72	%

2. The management fee is as follows: 0.70% on assets up to $500 million; 0.65% on assets from $500 million to $1 billion; 0.625% on assets from $1 billion to $2 billion; and 0.60% on assets over $2 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 I shares do not exceed 0.75% of its average daily net assets. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 649	$ 628	$ 211	$ 311	$ 77	$ 74
3 Years	$ 860	$ 916	$ 668	$ 668	$ 246	$ 230
5 Years	$ 1,087	$ 1,224	$ 1,152	$ 1,152	$ 430	$ 401
10 Years	$ 1,740	$ 2,099	$ 2,296	$ 2,296	$ 963	$ 894

NYLI WMC Growth Fund

Portfolio Turnover

Principal Investment Strategies

The Fund invests primarily in stocks of large-capitalization U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings. The Fund generally considers large capitalization companies to be those with market capitalizations within the range of the Russell 1000^® Growth Index at the time of investment (which ranged from $664 million to $3.8 trillion as of December 31, 2024). Under normal circumstances, at least 80% of the Fund’s assets will be invested in securities issued by U.S. companies. 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: Wellington Management Company LLP, the Fund’s Subadvisor (the “Subadvisor”), employs a traditional, bottom-up fundamental research approach to identify securities that possess sustainable growth at reasonable valuations. The Subadvisor seeks to identify companies that have demonstrated above-average growth in the past, then conduct a thorough review of each company’s business model. The goal of this review is to identify companies that can sustain above-average growth because of their superior business models as represented by high returns on capital, strong management, and quality balance sheets. The Subadvisor may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed by the Subadvisor to have greater estimated upside return potential relative to downside risk. 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI WMC Growth Fund

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.

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 1000^®Growth Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective July 29, 2016, the Fund replaced its subadvisor and modified its principal investment strategies.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:2.3,2016:0.28,2017:30.38,2018:-4.22,2019:29.75,2020:32.21,2021:17.77,2022:-33.33,2023:38.5,2024:26.07)


Best Quarter
2020, Q2	29.45	%
Worst Quarter
2022, Q2	-23.76	%

NYLI WMC Growth Fund

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	11/2/2009	26.07	%	12.63	%	11.66	%
Return After Taxes on Distributions
Class I		25.01	%	10.84	%	9.84	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		16.23	%	9.64	%	8.97	%
Return Before Taxes
Class A	8/7/2006	18.79	%	11.05	%	10.74	%
Investor Class	1/18/2013	19.03	%	10.73	%	10.45	%
Class C	1/18/2013	23.38	%	11.15	%	10.25	%
Class R6	4/26/2021	26.08	%	N/A		6.29	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
Russell 1000^® Growth Index²		33.36	%	18.96	%	16.78	%

1. 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.

Management


Subadvisor	Portfolio Manager	Service Date

Wellington Management Company LLP	Andrew J. Shilling*, Senior Managing Director and Equity Portfolio Manager	Since 2021
	Clark R. Shields, Senior Managing Director and Equity Portfolio Manager	Since 2023
	Matthew D. Hudson, CFA, Senior Managing Director, Partner and Equity Portfolio Manager	Since February 2025

* Effective December 31, 2025, Andrew J. Shilling will retire from Wellington Management Company LLP and will no longer be a portfolio manager of the Fund..

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

NYLI WMC Growth Fund

Tax Information

Compensation to Financial Intermediary Firms

NYLI WMC Small Companies Fund

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.80	%	0.80	%	0.80	%	0.80	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None
	Other Expenses	0.16	%	0.61	%	0.61	%	0.16	%
	Total Annual Fund Operating Expenses	1.21	%	1.66	%	2.41	%	0.96	%
	Waivers / Reimbursements³	0.00	%	(0.18	)%	(0.18	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	1.21	%	1.48	%	2.23	%	0.96	%

2. The management fee is as follows: 0.80% on assets up to $1 billion; 0.775% on assets from $1 billion to $2 billion; and 0.75% on assets over $2 billion.

3. New York Life Investment Management LLC ("New York Life Investments") 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

Example


Expenses After	Class A	Investor	Class C		Class I
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 667	$ 643	$ 226	$ 326	$ 98
3 Years	$ 913	$ 981	$ 734	$ 734	$ 306
5 Years	$ 1,178	$ 1,341	$ 1,269	$ 1,269	$ 531
10 Years	$ 1,935	$ 2,353	$ 2,547	$ 2,547	$ 1,178

Portfolio Turnover

NYLI WMC Small Companies Fund

Principal Investment Strategies

The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus any borrowings for investment purposes) in the securities of U.S. companies with market capitalizations at the time of investment that are similar to the market capitalizations of companies within the collective range of the Russell 2000^® Index and Russell Microcap Index. As of December 31, 2024, companies in the Russell 2000^® Index had market capitalizations ranging from $6.1 million to $14.8 billion and the Russell Microcap Index had market capitalizations ranging from $2.5 million to $7.3 billion.

The Fund may also invest up to 10% of its net assets in securities of foreign 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.

Investment Process: Wellington Management Company LLP, the Fund’s subadvisor (the “Subadvisor”), seeks to construct a broadly diversified portfolio across sectors and industries. The Subadvisor predominantly employs a bottom-up fundamental research approach across sectors to identify companies with potential positive changes in their business that the Subadvisor believes may lead to outperformance, while seeking to limit exposure to risk. However, with respect to the biotechnology and pharmaceutical industries, the Subadvisor relies upon a quantitative process to manage the Fund’s exposure. The Subadvisor also seeks to minimize the Fund’s exposure to risk by diversifying the Fund’s investments over securities issued across various industries and sectors. The Subadvisor may consider selling a security if valuation and sentiment indicators suggest the inflection point is being embraced and/or fully valued by the market or if the investment thesis is impaired or no longer valid. 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The quantitative screening performed by the Subadvisor, and the securities selected based on the screening, may not perform as expected. The quantitative screening may adversely affect the Fund's performance. There may also be technical issues with the construction and implementation of quantitative models (for example, software or other technology malfunctions, or programming inaccuracies). In addition, the Fund's performance will reflect, in part, the Subadvisor's ability to make active qualitative decisions. 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 significantly 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.

Micro-Cap, Small-Cap and Mid-Cap Stock Risk: The general risks associated with equity securities and liquidity risk are particularly pronounced for stocks of companies with market capitalizations that are small compared to other publicly traded companies. These companies may have limited product lines, markets or financial resources or they may depend on a few key employees. Stocks of small-capitalization and mid-capitalization companies may trade less frequently and in lesser volume than more widely held securities, and their values may fluctuate more sharply than those of other securities. They may also trade in the over-the-counter market or on a regional exchange, or may otherwise have limited liquidity. Generally, the smaller the company, the greater these risks become. As a result, stocks of micro-capitalization companies share the same risks as stocks of small-capitalization and mid-capitalization companies, however these risks are more pronounced, including that the changes in stock price of micro-capitalization companies can be more sudden or erratic than stock prices of other larger capitalization stocks, especially over the short term.

NYLI WMC Small Companies Fund

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 2000^® Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

The Fund replaced its subadvisor effective April 1, 2019, and changed its investment objective and principal investment strategies.

NYLI WMC Small Companies Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-3.89,2016:16.02,2017:15.62,2018:-16.39,2019:17.69,2020:10.04,2021:16.84,2022:-19.01,2023:9.44,2024:17.7)


Best Quarter
2020, Q4	27.52	%
Worst Quarter
2020, Q1	-33.94	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	1/12/1987	17.70	%	6.05	%	5.46	%
Return After Taxes on Distributions
Class I		17.59	%	4.09	%	3.85	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		10.56	%	4.04	%	3.85	%
Return Before Taxes
Class A	1/2/2004	10.95	%	4.60	%	4.61	%
Investor Class	2/28/2008	11.20	%	4.31	%	4.32	%
Class C	12/30/2002	15.22	%	4.72	%	4.13	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
Russell 2000^® Index²		11.54	%	7.40	%	7.82	%

1. 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.

2. The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.

NYLI WMC Small Companies Fund

Management


Subadvisor	Portfolio Manager	Service Date

Wellington Management Company LLP	Peter W. Carpi, Senior Managing Director and Equity Portfolio Manager	Since 2021
	David B. DuBard, Senior Managing Director and Equity Portfolio Manager	Since 2023

How to Purchase and Sell Shares

Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI WMC Value Fund

Investment Objective

The Fund seeks long-term appreciation of capital.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.66	%	0.66	%	0.66	%	0.66	%	0.66	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.11	%	0.36	%	0.36	%	0.11	%	0.04	%
	Total Annual Fund Operating Expenses	1.02	%	1.27	%	2.02	%	0.77	%	0.70	%
	Waivers / Reimbursements³	0.00	%	0.00	%	0.00	%	(0.07	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	1.02	%	1.27	%	2.02	%	0.70	%	0.70	%

2. 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.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 I shares do not exceed 0.70% of its average daily net assets. In addition, New York Life Investments 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 648	$ 623	$ 205	$ 305	$ 72	$ 72
3 Years	$ 857	$ 883	$ 634	$ 634	$ 239	$ 224
5 Years	$ 1,082	$ 1,162	$ 1,088	$ 1,088	$ 421	$ 390
10 Years	$ 1,729	$ 1,957	$ 2,155	$ 2,155	$ 948	$ 871

Portfolio Turnover

NYLI WMC Value Fund

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 36% of the average value of its portfolio.

Principal Investment Strategies

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^® Index, which ranged from $159 million to $3.8 trillion as of December 31, 2024). 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.

Investment Process: 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 (earning 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: 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 significantly 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.

Value Stock Risk: 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.

NYLI WMC Value Fund

Past Performance

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, as well as 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 1000^® Value Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

One of the Fund's subadvisors changed effective January 9, 2017, and the Fund's principal investment strategies changed effective February 28, 2017 and March 13, 2017.

Effective April 26, 2021, the Fund replaced both of its subadvisors and modified its principal investment strategies. The past performance in the bar chart and table prior to that date reflects the Fund’s prior subadvisors and principal investment strategies.

NYLI WMC Value Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-2.76,2016:8.51,2017:22.77,2018:-7,2019:31.78,2020:13.59,2021:26.37,2022:-4.52,2023:9.38,2024:11)


Best Quarter
2020, Q2	22.20	%
Worst Quarter
2020, Q1	-25.79	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/21/1971	11.00	%	10.72	%	10.20	%
Return After Taxes on Distributions
Class I		9.73	%	7.12	%	7.16	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		7.48	%	7.97	%	7.58	%
Return Before Taxes
Class A	6/9/1999	4.61	%	9.15	%	9.28	%
Investor Class	2/28/2008	4.84	%	8.85	%	9.02	%
Class C	6/9/1999	8.56	%	9.27	%	8.83	%
Class R6	4/26/2021	11.02	%	N/A		6.82	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
Russell 1000^® Value Index²		14.37	%	8.68	%	8.49	%

1. 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.

NYLI WMC Value Fund

Management


Subadvisor	Portfolio Managers	Service Date

Wellington Management Company LLP	Adam H. Illfelder, Senior Managing Director and Equity Portfolio Manager	Since 2021
	Betsy M. George, Managing Director and Equity Research Analyst	Since 2024
	Ravi Gill, Managing Director and Equity Research Analyst	Since 2024

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI Epoch International Choice Fund

Investment Objective

The Fund seeks total return.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.80	%	0.80	%	0.80	%	0.80	%	0.80	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		0.50	%
	Other Expenses	0.18	%	0.66	%	0.66	%	0.18	%	0.18	%
	Total Annual Fund Operating Expenses	1.23	%	1.71	%	2.46	%	0.98	%	1.48	%
	Waivers / Reimbursements^3,4	0.00	%	(0.17	)%	(0.17	)%	(0.03	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^3,4	1.23	%	1.54	%	2.29	%	0.95	%	1.48	%

2. The management fee is as follows: 0.80% on assets up to $5 billion; 0.775% on assets from $5 billion to $7.5 billion; and 0.75% on assets over $7.5 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 I shares do not exceed 0.95% of its average daily net assets. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I	SIMPLE
		Class	Assuming no redemption	Assuming redemption at end of period		Class
1 Year	$ 668	$ 649	$ 232	$ 332	$ 97	$ 151
3 Years	$ 919	$ 996	$ 750	$ 750	$ 309	$ 468
5 Years	$ 1,188	$ 1,367	$ 1,295	$ 1,295	$ 539	$ 808
10 Years	$ 1,957	$ 2,405	$ 2,598	$ 2,598	$ 1,199	$ 1,768

NYLI Epoch International Choice Fund

Portfolio Turnover

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing in a portfolio consisting mostly of foreign equity securities, which may include companies in emerging markets. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus any borrowings for investment purposes) in foreign equity 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, Factset or ICE Data Services Inc. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. Equity securities include common stock, depository receipts, and securities convertible into common stock, such as warrants, rights, convertible bonds, debentures and convertible preferred stocks. The Fund will normally invest in companies in at least three countries outside of the United States. Although the Fund is not subject to any additional geographic requirement, the Fund expects that the majority of its investments will be in the developed markets of Canada, Western Europe, Asia and Australasia. The Fund may invest more than 25% of its net assets in securities of companies in each of the United Kingdom and Japan. In order to gain additional exposure to international markets, the Fund may also invest in exchange traded funds ("ETFs"), whose underlying securities are issued by international companies.

Investment Process: Epoch Investment Partners, Inc., the Fund's Subadvisor, invests primarily in companies that generate increasing levels of free cash flow and have management teams that the Subadvisor believes allocate free cash flow 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 cash flow and to intelligently allocate it among internal reinvestment opportunities, acquisitions, dividends, share repurchases and/or debt reduction.

Material environmental, social and governance ("ESG") factors are identified and monitored by the Subadvisor. Material ESG factors vary by company and industry, but the Subadvisor pays particular attention to factors relating to climate change and corporate governance. This information is taken into account by the Subadvisor in making investment decisions. Material ESG factors are identified and monitored by the Subadvisor through review of ESG information published by the company (where relevant) or selected specialist third-party research and data providers. While the Subadvisor 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.

The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or when the security is deemed less attractive relative to another security on a return/risk basis. The Subadvisor may sell or reduce a position in a security if it sees the investment thesis failing to materialize.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI Epoch International Choice Fund

Focused Portfolio Risk: Because the Fund typically invests in relatively few holdings, a larger percentage of its assets may be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of the Fund’s NAVs. The Fund will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a fund that is invested more broadly.

Liquidity and Valuation Risk: 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.

NYLI Epoch International Choice Fund

government regulation, which could lead to market manipulation, and less extensive, transparent and frequent accounting, auditing, recordkeeping, financial reporting 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 wars, 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.

Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, such as the United Kingdom or Japan, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.

Regulatory Risk: 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.

Rights and Warrants Risk: Rights and warrants may provide a greater potential for profit or loss than an equivalent investment in the underlying securities. Prices of these investments do not necessarily move in tandem with the prices of the underlying securities, and warrants are speculative investments. If a right or warrant is not exercised by the date of its expiration, the Fund will lose its entire investment in such right or warrant.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

The Fund's subadvisor changed effective January 9, 2017, and the Fund's principal investment strategies changed effective March 13, 2017. The past performance in the bar chart and table prior to those dates reflects the Fund's prior subadvisor and principal investment strategies.

NYLI Epoch International Choice Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-4.59,2016:-2.12,2017:25.59,2018:-13.6,2019:23.64,2020:7.86,2021:6.55,2022:-16.04,2023:19.67,2024:-4.21)


Best Quarter
2022, Q4	17.81	%
Worst Quarter
2020, Q1	-21.90	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	12/31/1997	-4.21	%	2.04	%	3.32	%
Return After Taxes on Distributions
Class I		-4.42	%	1.84	%	3.07	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		-2.05	%	1.75	%	2.77	%
Return Before Taxes
Class A	9/1/2006	-9.71	%	0.62	%	2.46	%
Investor Class	4/29/2008	-9.53	%	0.34	%	2.23	%
Class C	9/1/2006	-6.43	%	0.72	%	2.01	%
SIMPLE Class	8/31/2020	-4.71	%	N/A		2.17	%

MSCI EAFE^® Index (Net)¹		3.82	%	4.73	%	5.20	%

1. The MSCI EAFE^® Index (Net) consists of international stocks representing the developed world outside of North America.

Management

NYLI Epoch International Choice Fund


Subadvisor	Portfolio Managers	Service Date

Epoch Investment Partners, Inc.	William J. Booth, Managing Director & Co-Chief Investment Officer	Since 2017
	Glen Petraglia, Managing Director	Since 2017
	Nikolay Petrakov, Managing Director	Since 2024
	Wayne Lin, Managing Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investements’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

NYLI Epoch International Choice Fund

Compensation to Financial Intermediary Firms

NYLI PineStone International Equity Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.80	%	0.80	%	0.80	%	0.80	%	0.80	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.14	%	0.67	%	0.67	%	0.13	%	0.09	%
	Total Annual Fund Operating Expenses	1.19	%	1.72	%	2.47	%	0.93	%	0.89	%
	Waivers / Reimbursements^2,3	0.00	%	(0.23	)%	(0.23	)%	(0.08	)%	(0.09	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^2,3	1.19	%	1.49	%	2.24	%	0.85	%	0.80	%

2. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentage of its average daily net assets: Class A, 1.20%; Investor Class, 1.54%; Class C, 2.29%; Class I, 0.85%; and Class R6, 0.80%. This agreement will remain in effect until February 28, 2028, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

3. New York Life Investments 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, 2028, and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

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 Investor Class 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:


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 665	$ 644	$ 227	$ 327	$ 87	$ 82
3 Years	$ 907	$ 947	$ 700	$ 700	$ 271	$ 255
5 Years	$ 1,168	$ 1,322	$ 1,250	$ 1,250	$ 490	$ 465
10 Years	$ 1,914	$ 2,371	$ 2,565	$ 2,565	$ 1,120	$ 1,070

Portfolio Turnover

NYLI PineStone International Equity Fund

Principal Investment Strategies

PineStone Asset Management Inc., the Fund’s subadvisor (the “Subadvisor”), seeks to achieve the Fund’s investment objective by investing in a portfolio of international equities. The Fund may invest in issuers with market capitalizations of any size, though it generally expects to focus on issuers with market capitalization in excess of $5 billion.

Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities. The Fund will normally invest in equity securities of foreign companies operating in at least three countries other than the United States, including emerging market countries. 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, Factset or ICE Data Services Inc.

In addition, the Fund considers countries represented in the MSCI Emerging Markets Index to be emerging market countries. From time to time, the Fund may focus its investments in certain countries or geographic areas, including Europe. Equity securities include common stock, preferred stock, convertible securities and depositary receipts.

The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer staples and industrials sectors. In addition, the Fund may enter into forward currency contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio. The Fund may also invest in securities issued by other investment companies.

Investment Process:

In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a portfolio generally ranging from 25 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).

The Subadvisor looks for companies that have growth potential that are believed to be trading at attractive valuations. In doing so, the Subadvisor focuses on companies believed by the portfolio management team to have the following characteristics, among others:

· Competitive advantage in an industry with high barriers to entry;

· Attractive industry with pricing power, organic growth and limited cyclicality;

· Strong management teams with sound corporate governance;

· History of stable profit margins;

· Solid balance sheet with low leverage; and

· Attractive valuation with a stock price below intrinsic value.

In evaluating whether to sell a security, the Subadvisor considers, among other factors, whether in its view the company no longer continues to meet the standards described above and/or the Subadvisor believes there are more attractive opportunities available for investment by the Fund.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

NYLI PineStone International Equity Fund

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. Derivatives may also increase the expenses of the Fund.

Investments in Other Investment Companies Risk: The Fund's investment in another investment company may subject the Fund indirectly to the risks of that investment company. The Fund also will bear its share of the underlying investment company's fees and expenses, which are in addition to the Fund's own fees and expenses.

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

Geographic Focus Risk: The Fund may be particularly susceptible to risks related to economic, political, regulatory or other events or conditions, including acts of war or other conflicts in the region, affecting issuers and countries in Europe. Countries in Europe are often closely connected and interdependent, and events in one European country can have an adverse impact on, and potentially spread to, other European countries. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. In addition, the private and public sectors’ debt problems of a single European Union (the “EU”) country can pose significant economic risks to the EU as a whole. As a result, the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not focus their investments in this region of the world.

NYLI PineStone International Equity Fund

Industrials Sector Risk: The Fund’s performance may be closely tied to the performance of industrials issuers and, as a result, may be more volatile than the performance of less focused funds. The prices of securities in the industrials sector can be volatile and can be impacted significantly by supply and demand for certain products and services, product obsolescence and product liability claims, government regulation, exchange rates, world events, general economic conditions and other factors. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in, among other things, the economy, fuel prices, labor agreements and insurance costs.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective August 25, 2023, the Fiera Capital International Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

Annual Returns, Class I Shares

(by calendar year 2018-2024)

PerformanceBarChartData(2018:-8.09,2019:31.05,2020:19.15,2021:16.57,2022:-19.68,2023:20.1,2024:4.61)


Best Quarter
2020, Q2	17.54	%
Worst Quarter
2020, Q1	-18.08	%

NYLI PineStone International Equity Fund

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	9/29/2017	4.61	%	6.98	%	7.95	%
Return After Taxes on Distributions
Class I		4.58	%	6.87	%	7.80	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		2.97	%	5.58	%	6.43	%
Return Before Taxes
Class A	9/29/2017	-1.34	%	6.78	%	7.73	%
Investor Class	8/28/2023	-1.28	%	N/A		4.32	%
Class C	8/28/2023	2.15	%	N/A		7.58	%
Class R6	9/29/2017	4.64	%	7.16	%	8.14	%
MSCI EAFE^® Index (Net)¹		3.82	%	4.73	%	4.55	%

1. The MSCI EAFE^® Index (Net) consists of international stocks representing the developed world outside of North America.

Management


Subadvisor	Portfolio Managers	Service Date

PineStone Asset Management Inc.	Nadim Rizk, MBA, CFA, CEO & CIO	Since 2023
	Andrew Chan, CIM, Head of Research & Portfolio Manager	Since 2023

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI PineStone International Equity Fund

technological expenses. Class R6 shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.

NYLI PineStone International Equity Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries for effecting transactions in a class of shares of the Fund that has no initial sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, such as Class P shares. These fees are not reflected in the fee and expense table or example table below.


		Class P
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.80	%
	Distribution and/or Service (12b-1) Fees	None
	Other Expenses	0.09	%
	Total Annual Fund Operating Expenses	0.89	%
	Waivers / Reimbursements¹	(0.04	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements¹	0.85	%

1. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 P shares do not exceed 0.85% of its average daily net assets. This agreement will remain in effect until February 28, 2028, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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:


	1 Year	3 Years	5 Years	10 Years
Class P	$ 87	$ 271	$ 476	$ 1,080

Portfolio Turnover

Principal Investment Strategies

NYLI PineStone International Equity Fund

major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio. The Fund may also invest in securities issued by other investment companies.

Investment Process:

· Competitive advantage in an industry with high barriers to entry;

· Attractive industry with pricing power, organic growth and limited cyclicality;

· Strong management teams with sound corporate governance;

· History of stable profit margins;

· Solid balance sheet with low leverage; and

· Attractive valuation with a stock price below intrinsic value.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

NYLI PineStone International Equity Fund

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.The following bar chart and table reflect the performance for Class P shares of the Fund.

NYLI PineStone International Equity Fund

Annual Returns, Class P Shares

(by calendar year 2024)

PerformanceBarChartData(2024:4.68)


Best Quarter
2024, Q1	7.44	%
Worst Quarter
2024, Q4	-8.10	%

Average Annual Total Returns (for the periods ended December 31, 2024)


	Inception	1 Year		Since Inception
Return Before Taxes
Class P	8/28/2023	4.68	%	9.09	%
Return After Taxes on Distributions
Class P		4.63	%	9.02	%
Return After Taxes on Distributions and Sale of Fund Shares
Class P		3.02	%	7.10	%
MSCI EAFE^® Index (Net)¹		3.82	%	10.06	%

1. The MSCI EAFE^® Index (Net) consists of international stocks representing the developed world outside of North America.

Management


Subadvisor	Portfolio Managers	Service Date


PineStone Asset Management Inc.	Nadim Rizk, MBA, CFA, CEO & CIO	Since 2023
	Andrew Chan, CIM, Head of Research & Portfolio Manager	Since 2023

How to Purchase and Sell Shares

NYLI PineStone International Equity Fund

Tax Information

Compensation to Financial Intermediary Firms

If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class P shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class P shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.

NYLI WMC International Research Equity Fund

Investment Objective

The Fund seeks long-term growth of capital.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.75	%	0.75	%	0.75	%	0.75	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None
	Other Expenses	0.21	%	0.63	%	0.63	%	0.21	%
	Acquired (Underlying) Fund Fees and Expenses	0.01	%	0.01	%	0.01	%	0.01	%
	Total Annual Fund Operating Expenses	1.22	%	1.64	%	2.39	%	0.97	%
	Waivers / Reimbursements^2,3	(0.03	)%	(0.10	)%	(0.10	)%	(0.10	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^2,3	1.19	%	1.54	%	2.29	%	0.87	%

2. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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) do not exceed the following percentage of its average daily net assets: Class A, 1.18% and Class I, 0.86%. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

3. New York Life Investments 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. will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

Example


Expenses After	Class A	Investor	Class C		Class I
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 665	$ 649	$ 232	$ 332	$ 89
3 Years	$ 913	$ 982	$ 736	$ 736	$ 299
5 Years	$ 1,181	$ 1,338	$ 1,266	$ 1,266	$ 527
10 Years	$ 1,944	$ 2,339	$ 2,532	$ 2,532	$ 1,181

NYLI WMC International Research Equity Fund

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of foreign companies, 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 Subadvisor seeks to develop a portfolio that is generally broadly diversified across issuers, industries, countries, market capitalizations and styles. The Fund’s portfolio therefore includes stocks that are considered to be either growth stocks or value stocks. The Fund may invest in securities of foreign issuers in the form of depositary receipts or other securities that are convertible into securities of foreign issuers. The Subadvisor will invest in small, mid, and large capitalization companies.

Investment Process: The Subadvisor allocates the portfolio’s assets across a variety of industries, selecting companies in each industry based on its proprietary research. In analyzing a prospective investment for the Fund, the Subadvisor utilizes a “bottom-up” approach, which is the use of fundamental analysis to identify specific securities for purchase or sale. Fundamental analysis of a company involves the assessment of a variety of factors, including the company’s business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures or indicators of valuation and growth potential. The Subadvisor may consider selling a security when it believes the stock has become overvalued relative to its underlying fundamentals, when the company does not meet the Subadvisor’s expectations or when the Subadvisor believes the underlying thesis for holding the stock has changed. 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI WMC International Research Equity Fund

Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.

Portfolio Turnover Risk: 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.

Past Performance

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, as well as 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 MSCI EAFE^® Index (Net) to represent a broad measure of market performance. The table also includes the average annual returns of the MSCI ACWI^® ex USA Index (Net), which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective March 5, 2021, the Fund replaced 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.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:1.65,2016:-0.51,2017:23.2,2018:-23.27,2019:17.15,2020:1.75,2021:10.58,2022:-15.94,2023:13.56,2024:7.56)


Best Quarter
2022, Q4	17.84	%
Worst Quarter
2020, Q1	-24.90	%

NYLI WMC International Research Equity Fund

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	9/28/2007	7.56	%	2.93	%	2.61	%
Return After Taxes on Distributions
Class I		7.12	%	2.53	%	1.85	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		4.84	%	2.35	%	1.97	%
Return Before Taxes
Class A	9/28/2007	1.41	%	1.50	%	1.77	%
Investor Class	2/28/2008	1.42	%	1.14	%	1.52	%
Class C	9/28/2007	5.12	%	1.54	%	1.35	%

MSCI EAFE^® Index (Net)¹		3.82	%	4.73	%	5.20	%
MSCI ACWI^® ex USA Index (Net)²		5.53	%	4.10	%	4.80	%

1. The MSCI EAFE^® Index (Net) consists of international stocks representing the developed world outside of North America.

2. The MSCI ACWI^® ex USA Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S.

Management


Subadvisor	Portfolio Managers	Service Date

Wellington Management Company LLP	Jonathan G. White, Managing Director and Director of Research Portfolios	Since 2021
	Mary L. Pryshlak, Senior Managing Director and Head of Investment Research	Since 2021

How to Purchase and Sell Shares

Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

NYLI WMC International Research Equity Fund

Compensation to Financial Intermediary Firms

NYLI Candriam Emerging Markets Equity Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.33	%	0.46	%	0.46	%	0.32	%	0.25	%
	Total Annual Fund Operating Expenses	1.58	%	1.71	%	2.46	%	1.32	%	1.25	%
	Waivers / Reimbursements³	(0.23	)%	(0.23	)%	(0.23	)%	(0.31	)%	(0.24	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	1.35	%	1.48	%	2.23	%	1.01	%	1.01	%

2. The management fee is as follows: 1.00% on assets up to $1 billion; and 0.975% on assets over $1 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentages of its average daily net assets: Class A, 1.50%; and Class I, 1.01%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to Investor Class shares and Class C shares. In addition, New York Life Investments 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 680	$ 643	$ 226	$ 326	$ 103	$ 103
3 Years	$ 1,000	$ 991	$ 745	$ 745	$ 388	$ 373
5 Years	$ 1,343	$ 1,361	$ 1,290	$ 1,290	$ 694	$ 663
10 Years	$ 2,307	$ 2,400	$ 2,594	$ 2,594	$ 1,563	$ 1,490

Portfolio Turnover

NYLI Candriam Emerging Markets Equity Fund

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 101% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities or equity-related securities issued by entities in, or tied economically to, emerging markets. The Fund may invest in securities issued by entities with market capitalizations at the time of investment of $500 million or more. These securities may be denominated in U.S. or non-U.S. currencies. The Fund may also invest in exchange-traded funds (“ETFs”) to obtain this exposure or for other investment purposes. The Fund may also invest in American Depositary Receipts, Global Depositary Receipts and non-voting Depositary Receipts. 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.

Candriam, the Fund’s Subadvisor, defines emerging market countries as those countries that are included in the MSCI Emerging + Frontier Markets Index.

The Subadvisor determines that an investment is tied economically to an emerging market if such investment satisfies either of the following conditions: (i) the issuer’s primary trading market is in an emerging market, or (ii) the investment is included in an index representative of emerging markets, such as MSCI Emerging + Frontier Markets Index.

At times, the Fund might increase the relative exposure to investments in a particular region or country. The Fund may invest up to 20% of its net assets in securities that are not issued by entities in, or tied economically to, emerging markets. These investments may include equity securities, U.S. government and agency securities and short-term investments, such as cash and cash equivalents.

The Fund may also make use of derivative financial instruments for the purpose of hedging or exposure, such as futures, options, swaps, and forwards.

Investment Process: The Subadvisor seeks to create medium to longer-term capital appreciation through investments in emerging market companies that are considered to generate high, and growing, levels of profits by constructing a diversified, conviction based portfolio, aiming for consistent risk-adjusted returns greater than the MSCI Emerging Markets Index.

Investment opportunities are identified via a thematic approach, which seeks to identify and analyze investable longer term structural trends as well as shorter term local and global trends, combined with a bottom-up stock selection methodology based on a proprietary quantitative screening platform to identify companies with attractive profitability levels and sustainable growth trends relative to their country and/or sector. Additionally, this proprietary quantitative screening platform also seeks to limit exposure to industries which do not satisfy the Subadvisor’s environmental, social or governance (“ESG”) criteria such as certain types of extractive industries, tobacco-related industries and industries related to chemical, biological or white phosphorus weapons. By incorporating ESG criteria within the investment process, the Subadvisor identifies other factors that may influence a company's value and competitiveness over the medium- and long-term, which are not always immediately obvious in traditional financial analyses. External factors such as CO2 costs or health and safety standards affect most companies, either positively or negatively, when integrated into their economic model. Some factors offer a new opportunity while others are considered a threat to the business model.

ESG factors are evaluated by the Subadvisor based on data provided by its dedicated and independent ESG research team. The ESG research team conducts an ESG assessment of companies by their potential ability to create value by integrating sustainability into their business activities and the interest of stakeholders within their operating and financial managerial processes. The business activities analysis assesses how companies are exposed to major long-term ESG trends that can strongly influence the environment in which they operate and that may shape their future market challenges and long-term growth. The relationships with stakeholders give rise to opportunities as well as risks, and are therefore determinants of long-term value. The Subadvisor evaluates the extent to which each company incorporates the interests of stakeholders in its long-term strategy.

The ESG assessment is a contributing factor to determine the final assessment of a company, which in turn will determine the weighting of this position in the portfolio.

Finally, the Subadvisor applies a norms-based and controversial activities filter to exclude companies which may represent high risk due to a violation of UN Global Compact principles and exposed to highly controversial activities such as armament, tobacco and thermal coal.

The Subadvisor considers sector, currency, regional and country deviations relative to the MSCI Emerging Markets Index when making investment decisions for the Fund. The Subadvisor seeks to reduce risk by investing in securities of a large number of issuers across markets, sectors and countries.

Principal Risks

NYLI Candriam Emerging Markets Equity Fund

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns. The quantitative screening performed by the Subadvisor, and the securities selected based on the screening, may not perform as expected. The quantitative screening may adversely affect the Fund's performance. There may also be technical issues with the construction and implementation of quantitative models (for example, software or other technology malfunctions, or programming inaccuracies). In addition, the Fund's performance will reflect, in part, the Subadvisor's ability to make active qualitative decisions. The application of ESG criteria may result in the Fund (i) having exposure to certain securities or industry sectors that are significantly 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.

NYLI Candriam Emerging Markets Equity Fund

Exchange-Traded Fund ("ETF") Risk: The risks of owning an ETF generally reflect the risks of owning the underlying securities in which the ETF invests or is designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile than its underlying portfolio securities. Disruptions in the markets for the securities underlying ETFs could result in losses on the investments in ETFs. ETFs also have management fees and transaction costs that may make them more expensive than owning the underlying securities directly.

Derivatives Risk: 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.

Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, such as mainland China or Hong Kong, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.

NYLI Candriam Emerging Markets Equity Fund

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. The Subadvisor may from time to time attempt to hedge all or a portion of the perceived currency risk by engaging in similar hedging transactions. 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.

Portfolio Turnover Risk: 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.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Annual Returns, Class I Shares

(by calendar year 2018-2024)

PerformanceBarChartData(2018:-21.06,2019:22.27,2020:36.39,2021:-3.74,2022:-27.94,2023:7.42,2024:12.4)


Best Quarter
2020, Q2	25.57	%
Worst Quarter
2020, Q1	-20.78	%

NYLI Candriam Emerging Markets Equity Fund

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	11/15/2017	12.40	%	2.70	%	1.45	%
Return After Taxes on Distributions
Class I		13.07	%	2.88	%	1.57	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		8.29	%	2.48	%	1.45	%
Return Before Taxes
Class A	11/15/2017	5.87	%	1.20	%	0.31	%
Investor Class	11/15/2017	6.20	%	1.05	%	0.16	%
Class C	11/15/2017	10.06	%	1.46	%	0.23	%
Class R6	11/15/2017	12.38	%	2.68	%	1.45	%

MSCI Emerging Markets Index (Net)¹		7.50	%	1.70	%	1.98	%

1. The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

Management

New York Life Investment Management LLC serves as the Manager. Candriam serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Managers	Service Date

Candriam	Paulo Salazar, Head of Emerging Markets Equity Management	Since 2021
	Philip Screve, Senior Fund Manager	Since 2017
	Lamine Saidi, Senior Fund Manager	Since 2017

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

NYLI Candriam Emerging Markets Equity Fund

Compensation to Financial Intermediary Firms

NYLI Epoch Capital Growth Fund

Investment Objective

The Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.75	%	0.75	%	0.75	%	0.75	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None
	Other Expenses	0.23	%	0.41	%	0.40	%	0.23	%
	Total Annual Fund Operating Expenses	1.23	%	1.41	%	2.15	%	0.98	%
	Waivers / Reimbursements²	(0.08	)%	0.00	%	0.00	%	(0.08	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements²	1.15	%	1.41	%	2.15	%	0.90	%

2. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentage of its average daily net assets: Class A, 1.15% and Class I, 0.90%. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 661	$ 636	$ 218	$ 318	$ 92
3 Years	$ 911	$ 924	$ 673	$ 673	$ 304
5 Years	$ 1,181	$ 1,233	$ 1,154	$ 1,154	$ 534
10 Years	$ 1,950	$ 2,106	$ 2,295	$ 2,295	$ 1,194

Portfolio Turnover

NYLI Epoch Capital Growth Fund

Principal Investment Strategies

The Fund generally invests in a diversified portfolio consisting of equity securities of companies located throughout the world, including the United States, that have a history of earning a high return on their invested capital relative to their cost of capital and that have positive growth in operating cash flow. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of companies across all market capitalizations. Equity securities include, among others, common stocks, depositary receipts, master limited partnerships, real estate investment trusts, warrants, and rights. The Fund may invest up to 20% of its net assets in securities issued by companies in emerging markets as determined by the Fund's Subadvisor, Epoch Investment Partners, Inc., when it believes those securities represent attractive investment opportunities. Securities held by the Fund may be denominated in both U.S. and non-U.S. currencies. Under normal market conditions, the Fund will invest a significant amount (ranging from 20% to 60%) 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, Factset or ICE Data Services Inc. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index. The Fund will normally invest in companies in at least three countries outside of the United States. The Fund does not have any explicit limits on the weighting within any individual country or sector.

Investment Process: The Subadvisor invests primarily in companies that generate increasing levels of free cash flow and, in the view of the Subadvisor, allocate free cash flow effectively to grow the value of the company. Free cash flow is the cash generated by a company’s operations, minus cash taxes paid and all planned capital expenditures.

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 reinvest it in a way that generates a return on investment that is greater than the firm's cost of capital.

The Subadvisor may sell or reduce a position in a security when it believes its investment objectives have been met or if the investment thesis is failing to materialize. The Subadvisor may also sell or reduce a position in a security if it sees a deterioration in fundamentals or when the security is deemed less attractive relative to another security on a return/risk basis.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI Epoch Capital Growth Fund

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.

Geographic Focus Risk: Issuers that operate in a single country, a small number of countries, or a particular geographic region can be affected similarly by the market, currency, political, economic, regulatory, geopolitical and other conditions in such country or region, and the Fund’s performance will be affected by the conditions, in the countries or regions to which the Fund is exposed. To the extent the Fund focuses its investments in a particular country or region, its performance will be more susceptible to adverse developments in such country or region than a more geographically diversified fund.

Master Limited Partnerships ("MLPs") and Other Natural Resources Sector Companies Risks: Natural resources sector companies, including energy companies and MLPs, are subject to risks, including, but not limited to, fluctuations in the prices of commodities, a significant

NYLI Epoch Capital Growth Fund

decrease in the production of or a sustained decline in demand for commodities, and construction risk, development risk, acquisition risk or other risks arising from their specific business strategies. Energy companies are affected by worldwide energy prices and may suffer losses as a result of adverse changes in these prices and market volatility. Additionally, energy companies may be at risk for increased government regulation and intervention and litigation. In addition, investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs are subject to certain risks inherent in the structure of MLPs, including (i) tax risks; (ii) the limited ability to elect or remove management or the general partner or managing member; (iii) limited voting rights; and (iv) conflicts of interest between the general partner or managing member and its affiliates, on the one hand, and the limited partners or members, on the other hand, including those arising from incentive distribution payments or corporate opportunities. Securities issued by MLPs may experience limited trading volumes and, thus, may be relatively illiquid.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI Epoch Capital Growth Fund

Annual Returns, Class I Shares

(by calendar year 2017-2024)

PerformanceBarChartData(2017:27.12,2018:-8.46,2019:28.63,2020:29.79,2021:25.52,2022:-19.19,2023:29.68,2024:11.31)


Best Quarter
2020, Q2	22.42	%
Worst Quarter
2020, Q1	-15.31	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	6/30/2016	11.31	%	13.70	%	13.59	%
Return After Taxes on Distributions
Class I		9.91	%	10.95	%	11.41	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		7.34	%	10.33	%	10.62	%
Return Before Taxes
Class A	6/30/2016	4.88	%	12.14	%	12.56	%
Investor Class	6/30/2016	5.23	%	11.85	%	12.30	%
Class C	6/30/2016	8.87	%	12.28	%	12.22	%

MSCI World Index (Net)¹		18.67	%	11.17	%	11.83	%

1. 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.

Management

NYLI Epoch Capital Growth Fund


Subadvisor	Portfolio Managers	Service Date

Epoch Investment Partners, Inc.	Steven D. Bleiberg, Managing Director	Since 2016
	David J. Siino, Managing Director	Since 2016
	Lin Lin, Managing Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI Epoch Global Equity Yield Fund

Investment Objective

The Fund seeks a high level of income. Capital appreciation is a secondary investment objective.

Fees and Expenses of the Fund


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.70	%	0.70	%	0.70	%	0.70	%	0.70	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.19	%	0.23	%	0.23	%	0.19	%	0.05	%
	Total Annual Fund Operating Expenses	1.14	%	1.18	%	1.93	%	0.89	%	0.75	%
	Waivers / Reimbursements²	(0.05	)%	(0.01	)%	(0.09	)%	(0.05	)%	(0.01	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements²	1.09	%	1.17	%	1.84	%	0.84	%	0.74	%

2. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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) of a class do not exceed the following percentages of its average daily net assets: Class A, 1.09%; Class C, 1.84%; Class I, 0.84%; and Class R6, 0.74%. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 655	$ 613	$ 187	$ 287	$ 86	$ 76
3 Years	$ 888	$ 855	$ 597	$ 597	$ 279	$ 239
5 Years	$ 1,139	$ 1,116	$ 1,034	$ 1,034	$ 488	$ 416
10 Years	$ 1,856	$ 1,859	$ 2,052	$ 2,052	$ 1,091	$ 929

Portfolio Turnover

NYLI Epoch Global Equity Yield Fund

Principal Investment Strategies

The Fund generally invests in a diversified portfolio consisting of equity securities of companies located throughout the world, including the United States, that have a history of attractive dividend yields and positive growth in operating cash flow. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities of dividend-paying companies across all market capitalizations. Equity securities include common stocks and depositary receipts. The Fund may invest up to 20% of its net assets in securities issued by companies in emerging markets, as determined by the Fund's Subadvisor, Epoch Investment Partners, Inc., when it believes those securities represent attractive investment opportunities. Securities held by the Fund may be denominated in both U.S. and non-U.S. currencies. Under normal market conditions, the Fund will invest a significant amount of its net assets (at least 40%, unless the Subadvisor deems market conditions to be unfavorable, in which case the Fund will invest at least 30%) in securities of foreign 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, Factset or ICE Data Services Inc. The Fund will normally invest in companies in at least three countries outside of the United States. The Subadvisor defines emerging market countries that are included in the MSCI Emerging Markets Index. The Fund seeks a dividend yield greater than the dividend yield of the MSCI World Index.

Investment Process: The Subadvisor invests primarily in companies that generate increasing levels of free cash flow and have management teams that the Subadvisor believes allocate free cash flow effectively to create shareholder value.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI Epoch Global Equity Yield Fund

financial reporting 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 wars, 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.

Past Performance

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, as well as 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 MSCI World Index (Net) to represent a broad measure of market performance and is generally representative of the market sectors or types of investments in which the Fund invests.The table also includes the average annual returns of the Global Equity Yield Composite Index as an additional index.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-4.58,2016:7.26,2017:16.85,2018:-9.25,2019:20.92,2020:-1.38,2021:17.41,2022:-5.35,2023:12.37,2024:15.47)


Best Quarter
2022, Q4	14.66	%
Worst Quarter
2020, Q1	-24.74	%

NYLI Epoch Global Equity Yield Fund

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	12/27/2005	15.47	%	7.29	%	6.44	%
Return After Taxes on Distributions
Class I		12.95	%	6.24	%	5.26	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		11.02	%	5.61	%	4.96	%
Return Before Taxes
Class A	8/2/2006	8.86	%	5.83	%	5.57	%
Investor Class	11/16/2009	9.33	%	5.76	%	5.54	%
Class C	11/16/2009	13.34	%	6.23	%	5.38	%
Class R6	6/17/2013	15.56	%	7.14	%	6.42	%

MSCI World Index (Net)¹		18.67	%	11.17	%	9.95	%
Global Equity Yield Composite Index²		9.13	%	5.15	%	6.74	%

1. 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.

2. The Global Equity Yield Composite Index consists of the MSCI World High Dividend Yield Index and the MSCI World Minimum Volatility (USD) Index weighted at 60% and 40%, respectively. The MSCI World High Dividend Yield Index is based on the MSCI World Index and is designed to reflect the performance of equities in the MSCI World Index (excluding real estate investment trusts) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The MSCI World Minimum Volatility (USD) Index aims to reflect the performance characteristics of a minimum variance strategy applied to the MSCI large- and mid-cap equity universe across 23 developed markets countries. The MSCI World Minimum Volatility (USD) Index is calculated by optimizing the MSCI World Index for the lowest absolute risk (within a given set of constraints).

Management


Subadvisor	Portfolio Managers	Service Date

Epoch Investment Partners, Inc.	Kera Van Valen, Managing Director	Since 2014
	Michael Jin, Managing Director	Since 2024
	Lin Lin, Managing Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

NYLI Epoch Global Equity Yield Fund

Tax Information

Compensation to Financial Intermediary Firms

NYLI PineStone Global Equity Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses of the Fund


		Class A		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.80	%	0.80	%	0.80	%	0.80	%
	Distribution and/or Service (12b-1) Fees	0.25	%	1.00	%	None		None
	Other Expenses	0.66	%	0.93	%	0.69	%	0.65	%
	Total Annual Fund Operating Expenses	1.71	%	2.73	%	1.49	%	1.45	%
	Waivers / Reimbursements²	(0.61	)%	(0.73	)%	(0.64	)%	(0.61	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements²	1.10	%	2.00	%	0.85	%	0.84	%

2. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentage of its average daily net assets: Class A, 1.10%; Class C, 2.00%; Class I, 0.85%; and Class R6, 0.84%. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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 Class A shares in years 9-10. 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:


Expenses After	Class A	Class C		Class I	Class R6
		Assuming no redemption	Assuming redemption at end of period
1 Year	$ 656	$ 203	$ 303	$ 87	$ 86
3 Years	$ 943	$ 705	$ 705	$ 342	$ 335
5 Years	$ 1,316	$ 1,311	$ 1,311	$ 688	$ 673
10 Years	$ 2,359	$ 2,701	$ 2,701	$ 1,666	$ 1,627

Portfolio Turnover

Principal Investment Strategies

PineStone Asset Management Inc., the Fund’s subadvisor (the “Subadvisor”), seeks to achieve the Fund’s investment objective by investing in a portfolio of global equities, which may include companies in emerging markets. The Fund may invest in issuers with market capitalizations of any size, though it generally expects to focus on issuers with market capitalization in excess of $5 billion.

100

NYLI PineStone Global Equity Fund

Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in equity securities. Equity securities include common stock, preferred stock, convertible securities and depositary receipts. Under normal circumstances, the Fund generally invests at least 40% of its net assets in foreign companies. 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, Factset or ICE Data Services Inc. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. The Subadvisor defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index.

From time to time, the Fund may focus its foreign investments in Europe.

The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer staples sector.

In addition, the Fund may enter into forward currency contracts to hedge the currency exposure associated with some or all of the Fund’s securities, to shift investment exposure from one currency to another, to shift U.S. dollar exposure to achieve a representative weighted mix of major currencies in its benchmark, or to adjust an underweight country exposure in its portfolio.

Investment Process: In pursuing the Fund’s investment objective, the Subadvisor employs a bottom-up stock selection approach which results in a relatively focused portfolio generally ranging from 25 to 45 companies. A bottom-up stock selection approach focuses on the analysis of individual stocks (microeconomic factors) as opposed to the significance of economic cycles and market cycles (macroeconomic factors).

· Competitive advantage in an industry with high barriers to entry;

· Strong management teams with sound corporate governance;

· A history of stable profit margins; and

· Solid balance sheet with low leverage.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

101

NYLI PineStone Global Equity Fund

102

NYLI PineStone Global Equity Fund

exchange rates or an imperfect correlation between portfolio holdings denominated in a particular currency and the forward contracts entered into by the Fund. Derivatives may also increase the expenses of the Fund.

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

103

NYLI PineStone Global Equity Fund

Effective August 25, 2023, the Fiera Capital Global Equity Fund (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below prior to August 25, 2023 is that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses other than sales loads (if applicable) of the Fund.

Annual Returns, Class I Shares

by calendar year 2018-2024)

PerformanceBarChartData(2018:-3.86,2019:33.9,2020:19.06,2021:25.75,2022:-18.41,2023:19.08,2024:10.94)


Best Quarter
2019, Q1	16.03	%
Worst Quarter
2020, Q1	-17.66	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	4/28/2017	10.94	%	10.04	%	12.12	%
Return After Taxes on Distributions
Class I		9.36	%	9.19	%	11.37	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		7.68	%	7.89	%	9.83	%
Return Before Taxes
Class A	4/28/2017	4.55	%	9.77	%	11.84	%
Class C	8/28/2023	8.66	%	N/A		11.71	%
Class R6	8/28/2023	10.90	%	N/A		12.99	%
MSCI World Index (Net)¹		18.67	%	11.17	%	11.11	%

1. 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.

Management

104

NYLI PineStone Global Equity Fund


Subadvisor	Portfolio Managers	Service Date

PineStone Asset Management Inc.	Nadim Rizk, MBA, CFA, CEO & CIO	Since 2023
	Andrew Chan, CIM, Head of Research & Portfolio Manager	Since 2023

How to Purchase and Sell Shares

Tax Information

Compensation to Financial Intermediary Firms

105

NYLI PineStone Global Equity Fund

Investment Objective

The Fund seeks capital appreciation.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries for effecting transactions in a class of shares of the Fund that has no initial sales charge, contingent deferred sales charge, or other asset-based fee for sales or distribution, such as Class P shares. These fees are not reflected in the fee and expense table or example table below.


		Class P
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.80	%
	Distribution and/or Service (12b-1) Fees	None
	Other Expenses	0.67	%
	Total Annual Fund Operating Expenses	1.47	%
	Waivers / Reimbursements¹	(0.62	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements¹	0.85	%

1. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 P shares do not exceed 0.85% of its average daily net assets. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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:


	1 Year	3 Years	5 Years	10 Years
Class P	$ 87	$ 339	$ 681	$ 1,647

Portfolio Turnover

Principal Investment Strategies

From time to time, the Fund may focus its foreign investments in Europe.

The Fund may from time to time emphasize one or more sectors in selecting its investments, including the consumer staples sector.

106

NYLI PineStone Global Equity Fund

· Competitive advantage in an industry with high barriers to entry;

· Strong management teams with sound corporate governance;

· A history of stable profit margins; and

· Solid balance sheet with low leverage.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

107

NYLI PineStone Global Equity Fund

108

NYLI PineStone Global Equity Fund

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.

At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector, including the consumer staples sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility.

Past Performance

109

NYLI PineStone Global Equity Fund

Annual Returns, Class P

(by calendar year 2024)

PerformanceBarChartData(2024:10.95)


Best Quarter
2024, Q1	7.33	%
Worst Quarter
2024, Q4	-3.09	%

Average Annual Total Returns (for the periods ended December 31, 2024)


	Inception	1 Year		Since Inception
Return Before Taxes
Class P	8/28/2023	10.95	%	13.03	%
Return After Taxes on Distributions
Class P		9.38	%	11.71	%
Return After Taxes on Distributions and Sale of Fund Shares
Class P		7.68	%	9.97	%
MSCI World Index (Net)¹		18.67	%	21.31	%

1. 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.

Management


Subadvisor	Portfolio Managers	Service Date

PineStone Asset Management Inc.	Nadim Rizk, MBA, CFA, CEO & CIO	Since 2023
	Andrew Chan, M.Sc., Portfolio Manager	Since 2023

How to Purchase and Sell Shares

110

NYLI PineStone Global Equity Fund

Tax Information

Compensation to Financial Intermediary Firms

If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to broker/dealers or other financial intermediaries from Fund assets or the Distributor’s or an affiliate’s resources on sales of or investments in Class P shares. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class P shares do not carry sales charges or pay Rule 12b-1 fees, or make payments to financial intermediaries to assist in, or in connection with, the sale of the Fund’s shares.

111

More About Investment Strategies and Risks

Information about each Fund's investment objective, principal investment strategies, investment practices and principal risks appears in the relevant summary section for each Fund at the beginning of the Prospectus. The information below describes in greater detail the principal and other investments, investment practices and risks pertinent to the Funds. Some of the Funds may use the investments/strategies discussed below more than other Funds. Not all investments/strategies of the Funds may be described in this Prospectus.

Investment Policies and Objectives

Certain Funds have names that suggest a focus on a particular type of investment. In accordance with Rule 35d-1 under the 1940 Act, each of these Funds has adopted a policy that it will, under normal circumstances, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in investments of the type suggested by its name, as set forth in the Statement of Additional Information. This requirement is applied at the time a Fund invests its assets. If, subsequent to an investment by a Fund, this requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this requirement. To the extent a Fund invests in derivatives, such investments may be counted on a mark-to-market basis for purposes of the 80% policy. In addition, in appropriate circumstances, synthetic investments may count toward the 80% policy if they have economic characteristics similar to the other investments included in the basket. A Fund’s policy to invest at least 80% of its assets in such a manner is “non-fundamental,” which means that it may be changed without shareholder approval. The Funds have adopted a policy to provide each Fund's shareholders with at least 60 days' prior notice of any change in the Fund’s non-fundamental investment policy with respect to investments of the type suggested by its name. For additional information, please see the SAI.

When the discussion states that a Fund invests "primarily" in a certain type or style of investment, this means that under normal circumstances the Fund will invest at least 65% of its assets, as described above, in that type or style of investment.

Certain Funds may invest their net assets in other investment companies, including exchange-traded funds that invest in similar securities to those in which the Fund may invest directly, and count such holdings towards various guideline tests (such as the 80% test required under Rule 35d-1 under the 1940 Act).

Each Fund’s investment objective is non-fundamental and may be changed without shareholder approval.

Russian Securities Risk

Until further notice, no Fund will purchase securities of Russian issuers.

Additional Information About Risks

The principal risks of investing in the Funds are described below, which may result in a loss of your investment. As indicated in the table below, not all of these risks are principal risks of investing in each Fund. The Funds may be subject to risks to different degrees. The fact that a particular risk is not identified as a principal risk for a Fund does not mean that the Fund is prohibited from investing in securities or investments that give rise to that risk. There can be no assurance that a Fund will achieve its investment objective.

Additional information about the investment practices of the Funds and risks pertinent to these practices is included in the SAI. The following information regarding principal investment strategies and risks is provided in alphabetical order and not necessarily in order of importance or potential exposure.


x Principal Risk • Additional Risk	NYLI Epoch U.S. Equity Yield Fund	NYLI Fiera SMID Growth Fund	NYLI PineStone U.S. Equity Fund	NYLI S&P 500 Index Fund	NYLI Winslow Large Cap Growth Fund	NYLI WMC Enduring Capital Fund	NYLI WMC Growth Fund	NYLI WMC Small Companies Fund
Closed-End Funds Risk	•			•	•	•	•	•
Consumer Staples Sector Risk		x	x
Convertible Securities Risk			x
Correlation Risk				x
Debt or Fixed-Income Securities Risk		•	•
Depositary Receipts Risk		x	x
Derivative Transactions Risk	•		•	x	•		•
Dividend-Paying Stocks Risk	x			•	•		•
Emerging Markets Risk	•		•		•	x	•
Equity Securities Risk	x	x	x	x	x	x	x	x
ESG Considerations Risk	•				•	•	•	•
Exchange-Traded Funds Risk	•	x	•	•				•

112

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI Epoch U.S. Equity Yield Fund	NYLI Fiera SMID Growth Fund	NYLI PineStone U.S. Equity Fund	NYLI S&P 500 Index Fund	NYLI Winslow Large Cap Growth Fund	NYLI WMC Enduring Capital Fund	NYLI WMC Growth Fund	NYLI WMC Small Companies Fund
Financial Sector Risk	•			•	•	•	•	•
Focused Portfolio Risk			•
Foreign Securities and Currencies Risk	x	x	•		x	x	•	x
Futures Transactions Risk	•			•	•		•
Geographic Focus Risk		•	•			•	•	•
Greater China Risk						•
Growth Stocks Risk	•	x	•		x	x	x	x
Increase in Expenses Risk	•	•	•	•	•	•	•	•
Index Strategy Risk				x
Industrials Sector Risk			•
Inflation Risk	•	•	•	•	•	•	•	•
Initial Public Offerings Risk	•	•			•	•	•	•
Investments in Other Investment Companies Risk	•		•	•	•	•	•	•
Issuer Risk		x	x
Large Investments or Redemptions by Shareholders Risk	•	•	•	•	•	•	•	•
Lending of Portfolio Securities Risk	•	•	•	•	•	•	•	•
Liquidity and Valuation Risk	•	•	•		•	•	•	•
Loan Participation Interests Risk
Market Capitalization Risk	x	x	x	x	x	x	x	x
Market Risk	x	x	x	x	x	x	x	x
Master Limited Partnerships Risk	•					•	•	•
Non-Diversification Risk			x
Operational and Cyber Security Risk	•	•	•	•	•	•	•	•
Options Risk	•			•	•		•
Portfolio Management Risk	x	x	x	x	x	x	x	x
Portfolio Turnover Risk
Preferred Stock Risk			x
Real Estate Investment Trusts Risk	•	•				x
Regulatory Risk	•	•	•	x	•	•	•	•
Repurchase Agreements Risk		•
Restricted Securities Risk		•	•
Rights and Warrants Risk			•
Risk Management Techniques Risk	•	•			•	•	•	•
Sector Risk		x	x
Short Selling Risk	•				•		•
Swap Agreements Risk	•			•	•		•
Tax Risk	•	•		•	•	•	•	•
Technology Stock Risk	•	x		•	•	•	•	•
Temporary Defensive Investments Risk	•	•	•	•	•	•	•	•
U.S. Government Securities Risk	•	•		•	•		•
Value Stocks Risk	x				•	x		x
When-Issued Securities and Forward Commitments Risk		•	•
Zero Coupon and Payment-in-Kind Bonds Risk			•

x Principal Risk

• Additional Risk

NYLI WMC Value Fund

NYLI Epoch International Choice Fund

NYLI PineStone International Equity Fund

NYLI WMC International Research Equity Fund

NYLI Candriam Emerging Markets Equity Fund

NYLI Epoch Capital Growth Fund

NYLI Epoch Global Equity Yield Fund

NYLI PineStone Global Equity Fund

Closed-End Funds Risk

•

113

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI WMC Value Fund	NYLI Epoch International Choice Fund	NYLI PineStone International Equity Fund	NYLI WMC International Research Equity Fund	NYLI Candriam Emerging Markets Equity Fund	NYLI Epoch Capital Growth Fund	NYLI Epoch Global Equity Yield Fund	NYLI PineStone Global Equity Fund
Consumer Staples Sector Risk			x					x
Convertible Securities Risk	•	x	x	x				x
Correlation Risk
Debt or Fixed-Income Securities Risk	•	•	•	•				•
Depositary Receipts Risk	x	x	x	x	x	x	x	x
Derivative Transactions Risks		•	x	•	x	•	•	x
Dividend-Paying Stocks Risk	•	•			•	•	x
Emerging Markets Risk	x	x	x	x	x	x	x	x
Equity Securities Risk	x	x	x	x	x	x	x	x
ESG Considerations Risk	•	•		•	•	•	•
Exchange-Traded Funds Risk		x	•	•	x			•
Financial Sector Risk	•	•		•	•	•	•
Focused Portfolio Risk		x	x					x
Foreign Securities and Currencies Risk	x	x	x	x	x	x	x	x
Futures Transactions Risk				•	•
Geographic Focus Risk	•	x	x	x	x	x	•	x
Greater China Risk	•	•		•	•	•	•
Growth Stocks Risk	•	x	•	x	x	x	•	•
Increase in Expenses Risk	•	•	•	•	•	•	•	•
Index Strategy Risk
Industrials Sector Risk			x					•
Inflation Risk	•	•	•	•	•	•	•	•
Initial Public Offerings Risk	•	•		•	•	•	•
Issuer Risk			x					x
Investments in Other Investment Companies Risk	•	•	x	•	•	•	•	•
Large Investments or Redemptions by Shareholders Risk	•	•	•	•	•	•	•	•
Lending of Portfolio Securities Risk	•	•	•	•	•	•	•	•
Liquidity and Valuation Risk	•	x	x	•	x	x	x	x
Loan Participation Interests Risk
Market Capitalization Risk	x	x	x	x	x	x	x	x
Market Risk	x	x	x	x	x	x	x	x
Master Limited Partnerships Risk	•			•		x	•
Operational and Cyber Security Risk	•	•	•	•	•	•	•	•
Options Risk				•	•
Portfolio Management Risk	x	x	x	x	x	x	x	x
Preferred Stock Risk			x					x
Portfolio Turnover Risk				x	x
Real Estate Investment Trusts Risk		•			•	x	•
Regulatory Risk	•	x	•	x	x	•	•	•
Restricted Securities Risk			•	•	•	•		•
Rights and Warrants Risk		x	•			x		•
Risk Management Techniques Risk	•	•		•	•	•	•
Sector Risk			x					x
Short Selling Risk		•		•	•	•	•
Swap Agreements Risk				•	•
Tax Risk	•	•		•	•	•	•
Technology Stock Risk	•	•		•	•	•	•
Temporary Defensive Investments Risk	•	•	•	•	•	•	•	•
U.S. Government Securities Risk					•
Value Stocks Risk	x	x		x	•	•	x

114

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI WMC Value Fund	NYLI Epoch International Choice Fund	NYLI PineStone International Equity Fund	NYLI WMC International Research Equity Fund	NYLI Candriam Emerging Markets Equity Fund	NYLI Epoch Capital Growth Fund	NYLI Epoch Global Equity Yield Fund	NYLI PineStone Global Equity Fund
When-Issued Securities and Forward Commitments Risk			•					•
Zero Coupon and Payment-in-Kind Bonds Risk			•					•

Closed-End Funds Risk

Closed-end funds are investment companies that generally do not continuously offer their shares for sale. Rather, closed-end funds typically trade on a secondary market, such as the New York Stock Exchange (“Exchange”) or the NASDAQ Stock Market, Inc. ("NASDAQ"). Listed closed-end funds are subject to management risk because the adviser to the closed-end fund may be unsuccessful in meeting the closed-end fund’s investment objective. Moreover, investments in a closed-end fund generally reflect the risks of the closed-end fund's underlying portfolio of securities. Closed-end funds may also trade at a discount or premium to their net asset value ("NAV") and may trade at a larger discount or smaller premium subsequent to their purchase. Closed-end funds may trade infrequently and with small volume, which may make it difficult to buy and sell shares. Closed-end funds are subject to management fees and other expenses that may increase their cost versus the costs of directly owning the underlying securities. Since closed-end funds may trade on exchanges, a Fund may also incur brokerage expenses and commissions when it buys or sells closed-end fund shares.

Consumer Staples Sector Risk

To the extent the Fund invests in companies in the consumer staples sector, it is more susceptible to adverse developments affecting such companies and may perform poorly during a downturn in the consumer staples sector. Investments in the consumer staples sector involve risks associated with companies that manufacture products and provide staples services directly to the consumer. Investments in the consumer staples sector may be adversely affected by, among other things, fluctuations in supply and demand, disruptions in supply chains, product obsolescence, product liability claims, changes in regulations, domestic and global economic conditions, consumer spending, competition, demographics, consumer preferences and production spending, and environmental and political events.

Convertible Securities Risk

Convertible securities, until converted, have the same general characteristics as debt securities insofar as they generally provide a stable stream of income with generally higher yields than those of equity securities of the same or similar issuers. By permitting the holder to exchange an investment for common stock or the cash value of a security or a basket or index of securities, convertible securities may also enable the investor to benefit from increases in the market price of the underlying securities. Therefore, convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.

Correlation Risk

There is no assurance that the investment performance of the NYLI S&P 500 Index Fund will equal or exceed that of the S&P 500^® Index. If the value of S&P 500^® Index declines, the NAV of shares of the S&P 500^® Index Fund is also likely to decline. The Fund's ability to track the S&P 500^® Index may be affected by, among other things, transaction costs; changes in either the composition of the Index or the number of shares of common stock outstanding for the components of the Index; and timing and amount of purchases and redemptions of the Fund's shares.

Debt or Fixed-Income Securities Risk

Investors buy debt securities primarily to profit through interest payments. Governments, banks and companies raise cash by issuing or selling debt securities to investors. Debt securities may be bought directly from those issuers or in the secondary trading markets. There are many different types of debt securities, including (without limitation) bonds, notes and debentures.

Some debt securities pay interest at fixed rates of return (referred to as fixed-income securities), while others pay interest at variable rates. Interest may be paid at different intervals. Some debt securities do not make regular interest payments, but instead are initially sold at a discount to the principal amount that is to be paid at maturity.

The risks involved with investing in debt securities include (without limitation):

· Credit risk: Credit risk is the risk that an issuer, guarantor, or liquidity provider of a debt security may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. By purchasing a debt security, in certain circumstances, a buyer is effectively lending money to the issuer of that security. If the issuer does not pay back the loan, the holder of the security may experience a loss on its investment. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of an investment. Moreover, during adverse economic conditions and in a rising interest rate environment, the risk that such issuer or guarantor may default on its obligations is heightened. Actual or perceived changes in economic, social, health, financial or political conditions in general or that affect a particular type of instrument, issuer, guarantor or counterparty can reduce the ability of the party to meet its obligations, which can affect the credit

115

More About Investment Strategies and Risks

quality, liquidity and/or value of an instrument. The value of an instrument also may decline for reasons that relate directly to the issuer, guarantor or counterparty, such as management performance, financial leverage and reduced demand for goods and services. Although credit quality ratings may not accurately reflect the true credit risk or liquidity of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument’s value, price volatility and liquidity and make it more difficult to sell the instrument at an advantageous price or time. The downgrade of the credit rating of a security or of the issuer of a security held by a Fund may decrease its value and liquidity. Credit ratings assigned by rating agencies are based on a number of factors and subjective judgments and, therefore, do not necessarily represent an issuer's actual financial condition or the volatility or liquidity of the security. Issuers of unrated securities, municipal issuers with significant debt services requirements in the near- to mid-term and issuers with less capital and liquidity to absorb additional expenses may have greater credit risk.

· Maturity risk: Maturity is the average expected repayment date of a Fund's portfolio, taking into account the expected final repayment dates of the securities in the portfolio. A debt security with a longer maturity may fluctuate in value more than a debt security with a shorter maturity. Therefore, the NAV of a Fund that holds debt securities with a longer average maturity may fluctuate in value more than the NAV of a Fund that holds debt securities with a shorter average maturity. Duration is a measure of the price sensitivity of a fixed-income investment to changes in interest rates. Duration is expressed as a number of years and is considered a more accurate sensitivity gauge than average maturity. However, measures such as average duration may not accurately reflect the true interest rate sensitivity of a Fund's investments or its overall portfolio.

· Market risk: Like other securities, debt securities are subject to the forces of supply and demand. Low demand may negatively impact the price of a debt security.

· Interest rate risk: A variety of factors can cause interest rates to change, including central bank monetary policies, inflation rates and general economic conditions. The value of a debt security usually changes when interest rates change. Generally, when interest rates go up, the value of a previously-issued debt security goes down and when interest rates go down, the value of a previously-issued debt security goes up. During periods of very low or negative interest rates, a Fund's susceptibility to interest rate risk may be magnified, its yield may be diminished and its performance may be adversely affected. Low interest rates (or negative interest rates) may magnify the risks associated with rising interest rates. A Fund may also be subject to heightened interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve adjusts a quantitative easing program and/or changes rates. For more information on risks associated with inflation, please see “Inflation Risk.”

Changing interest rates (or the expectation of such changes) may have unpredictable effects on markets, including market volatility, and may adversely affect performance. A low or negative interest rate environment may pose additional risks because low or negative yields on portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders. Any such change in interest rates may be sudden and significant, with unpredictable effects on the financial markets and a Fund's investments. Should interest rates decrease, investments in certain variable-rate and fixed-rate debt securities may be adversely affected. Additionally, short-term and long-term interest rates do not necessarily move in the same amount or in the same direction. The impact of interest rate changes on a fixed-income or other debt instrument depends on several factors, notably the instrument's duration. The value of a debt instrument with a longer duration will generally be more sensitive to interest rate changes than a similar instrument with a shorter duration.

· Extension risk and Prepayment risk: An issuer could exercise its right to pay principal on an obligation later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation may decrease, and a Fund may also suffer from the inability to reinvest in higher yielding securities. An issuer may exercise its right to redeem outstanding debt securities prior to their maturity (known as a “call”) or otherwise pay principal earlier than expected for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls or “prepays” a security, the Fund may not recoup the full amount of its initial investment and may be required to reinvest in generally lower-yielding securities, securities with greater credit risks or securities with other, less favorable features or terms.

Debt securities rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) are considered to have speculative characteristics and some may be commonly referred to as "junk bonds." Junk bonds entail default and other risks greater than those associated with higher-rated securities.

The duration of a bond or mutual fund portfolio is an indication of sensitivity to changes in interest rates. In general, the longer a Fund’s duration, the more it will react to changes in interest rates and the greater the risk and return potential. Duration may not accurately reflect the true interest rate sensitivity of instruments held by a Fund and, in turn, a Fund’s susceptibility to changes in interest rates.

A laddered maturity schedule means a portfolio is structured so that a certain percentage of the securities will mature each year. This helps a Fund manage duration and risk, and attempts to create a more consistent return.

Depositary Receipts Risk

American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), International Depositary Receipts ("IDRs"), Non-Voting Depositary Receipts (“NVDRs”) and other similar securities represent ownership of securities of

116

More About Investment Strategies and Risks

non-U.S. issuers held in trust by a bank, exchange or similar financial institution. ADRs are denominated in U.S. dollars and trade in the U.S. securities markets. GDRs and EDRs are receipts issued by foreign banks or trust companies, or foreign branches of U.S. banks that represent an interest in shares of either a foreign or U.S. corporation. NVDRs are typically issued by an exchange or its affiliate and do not have voting rights. These investments may not be denominated in the same currency as the underlying securities into which they may be converted, and are subject to currency risks. Depositary receipts involve many of the same risks of investing directly in foreign securities. The issuers of depositary receipts may discontinue issuing new depositary receipts and withdraw existing depositary receipts at any time, which may result in costs and delays in the distribution of the underlying assets to a Fund and may negatively impact the Fund’s performance.

Derivative Transactions Risk

Derivative transactions, or “derivatives,” may include options, forwards, futures, options on futures and swap agreements. The value of derivatives is based on certain underlying equity or fixed-income securities, interest rates, currencies, commodities or indices. The use of these transactions is a highly specialized activity that involves investment techniques, tax planning and risks that are different from those of ordinary securities transactions. Derivatives may be difficult to sell at an advantageous price or time and typically are very sensitive to changes in the underlying security, interest rate, currency, commodity or index. As a result, derivatives can be highly volatile. If the Manager or the Subadvisor is incorrect about its expectations of changes to the underlying securities, interest rates, currencies, commodities, indices or market conditions, the use of derivatives could result in a loss, which in some cases may be unlimited. When using over-the-counter (“OTC”) or bilateral derivatives, there is a risk that a Fund will lose money if the contract counterparty does not make the required payments or otherwise fails to comply with the terms of the contract. OTC derivatives are complex and often valued subjectively, which exposes a Fund to heightened liquidity risk, mispricing and valuation risk. In the event of the bankruptcy or insolvency of a counterparty, a Fund could experience the loss of some or all of its investment in a derivative or experience delays in liquidating its positions, including declines in the value of its investment during the period in which a Fund seeks to enforce its rights, and an inability to realize any gains on its investment during such period. A Fund may also incur fees and expenses in enforcing its rights. Certain derivatives are subject to mandatory clearing and exchange-trading. Central clearing, which interposes a central clearinghouse to each participant’s derivatives position, is intended to reduce counterparty credit risk and exchange-trading is intended to increase liquidity, but neither make derivatives transactions risk-free.

In addition, certain derivative transactions can result in leverage. Leverage involves investment exposure in an amount exceeding the initial investment. Leverage can cause increased volatility by magnifying gains or losses. Investments in derivatives may increase or accelerate the amount of taxable income, or result in the deferral of losses, that would otherwise be recognized by a Fund in determining the amount of dividends distributable to shareholders.

Trading of derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) is subject to a limit on notional derivatives exposure as a limited derivatives user or subject to a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of a Fund to invest in derivatives, short sales and similar financing transactions, limit a Fund's ability to employ certain strategies that use these instruments and/or adversely affect a Fund's efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives.

Future regulatory developments may impact a Fund's ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which a Fund itself is regulated. These or other legislative or regulatory changes may negatively impact a Fund and/or result in a change in its investment strategy.

Dividend-Paying Stocks Risk

Dividend-paying stocks may underperform the securities of other companies that do not typically produce income or other distributions. In addition, issuers of dividend-paying stock may have discretion at any time to reduce, defer, or stop paying dividends for a stated period of time. Depending upon market conditions, an income-producing stock that meets a Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a few market sectors. This may limit the ability of a Fund to produce current income while remaining fully diversified. The distributions received by a Fund may not qualify as income for Fund investors.

Emerging Markets Risk

The risks of foreign investments (or exposure to foreign investments) are usually much greater when they are made in (or result in exposure to) emerging markets. Investments in emerging markets may be considered speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience high rates of inflation and currency devaluations, which may adversely affect returns. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain emerging markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, recordkeeping and financial reporting standards and requirements comparable to those to which companies in developed countries are subject. Local

117

More About Investment Strategies and Risks

exchanges in emerging market countries may also be likely to experience market manipulation by foreign nationals who possess inside information.

Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments may be more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation or unfavorable diplomatic developments. Some emerging market countries have pervasive corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets. Such government participation or other intervention may impair investment and economic growth or otherwise adversely affect investments in these countries or regions. National policies (including sanctions programs) that may limit investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other laws or restrictions applicable to investments differ from those found in more developed markets. Sometimes, they may lack, or be in the relatively early development of, legal systems, including structures governing private or foreign investment or allowing for judicial redress (such as limits on rights and remedies available to a Fund) for investment losses and injury to private property, and the ability of U.S. authorities (e.g., the Securities and Exchange Commission (“SEC”) and the U.S. Department of Justice) and investors (e.g., the Funds) to bring actions against bad actors may be limited. There may also be significant obstacles for investigations into or litigation against companies. As a result of these legal systems and limitations, a Fund faces the risk of being unable to enforce its rights with respect to its investments in emerging markets, which may cause losses to the Fund. In addition to withholding taxes on investment income, some emerging market countries may impose different capital gains taxes on foreign investors.

Practices in relation to settlement of securities transactions in emerging market countries involve higher risks than those in developed markets, in part because a Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between parties in the United States and parties in emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Standard securities settlement cycles applicable to foreign investments may be longer than in the U.S. Longer foreign settlement cycles may subject a Fund's trades in foreign investments to an increased risk of operational errors and may require a Fund or its counterparties to pre-fund certain transactions, which may increase the costs to the Fund.

Frontier market countries generally have smaller economies, less developed capital markets, more political and economic instability and weaker legal, financial accounting and regulatory infrastructure than traditional emerging market countries (which themselves have increased investment risk relative to developed market countries), and, as a result, a Fund's exposure to the risks associated with investing in emerging market countries are magnified if the Fund invests in frontier market countries. Frontier markets generally have greater market volatility, lower trading volume, less investor participation and greater risk of market shutdown than more developed markets. Many frontier markets may be dependent on foreign aid, foreign trade or commodities. Settlement systems may be less developed and less organized in frontier markets.

Equity Securities Risk

Publicly held corporations may raise needed cash by issuing or selling equity securities to investors. When a Fund buys the equity securities of a corporation it becomes a part owner of the issuing corporation. Equity securities may be bought on domestic stock exchanges, foreign stock exchanges, or in the over-the-counter market. There are many different types of equity securities, including (without limitation) common stocks, preferred stocks, ADRs, and real estate investment trusts.

Investors buy equity securities to make money through dividend payments and/or selling them for more than they paid. The risks involved with investing in equity securities include (without limitation):

· Changing economic conditions: Equity securities may fluctuate as a result of general economic conditions, including changes in interest rates.

· Industry and company conditions: Certain industries or individual companies may come in and out of favor with investors. In addition, changing technology and competition may make the equity securities of a company or industry more volatile.

· Security selection: A portfolio manager may not be able to consistently select equity securities that appreciate in value, or anticipate changes that can adversely affect the value of a Fund's holdings. Investments in smaller and mid-size companies may be more volatile than investments in larger companies.

ESG Considerations Risk

118

More About Investment Strategies and Risks

Investment Strategies. Certain criteria that may be used by these Subadvisors are described below. The application of ESG criteria may result in a 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 the Fund's benchmark or other funds and strategies in the Fund's peer group that do not take into account ESG criteria or use different ESG criteria or ESG investment strategies. In addition, sectors and securities of companies that meet the ESG criteria may shift into and out of favor depending on market and economic conditions. The consideration of ESG criteria may adversely affect a Fund’s performance.

· Candriam: Candriam may give consideration to ESG criteria such as sector, currency, region, certain types of extractive industries, tobacco-related industries and industries related to chemical, biological or white phosphorus weapons.

· Epoch Investment Partners, Inc. (“Epoch”): Epoch may give consideration to ESG criteria including, but not limited to, climate change and carbon footprint, and corporate governance practices, such as board expertise, risk oversight, and renumeration.

· Wellington Management Company LLP (“Wellington”): Wellington may give consideration to ESG criteria including, but not limited to, climate mitigation and resilience, corporate culture, as well as executive compensation and senior-level succession planning.

· Winslow Capital Management, LLC (“Winslow”): Winslow may give consideration to ESG criteria 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.

Exchange-Traded Funds (“ETFs”) Risk

To the extent a Fund may invest in securities of other investment companies, it may invest in shares of ETFs, including ETFs advised by affiliates of New York Life Investments. ETFs are investment companies that trade like stocks. The price of an ETF is derived from and based upon the securities held by the ETF. However, like stocks, shares of ETFs are not traded at NAV, but may trade at prices above or below the value of their underlying portfolios. The level of risk involved in the purchase or sale of an ETF is similar to the risk involved in the purchase or sale of a traditional common stock, except that the pricing mechanism for an ETF is based on a basket of securities. Thus, the risks of owning an ETF generally reflect the risks of owning the underlying securities that the ETF is designed to track, although lack of liquidity in an ETF’s shares could result in the market price of the ETF’s shares being more volatile than the underlying portfolio of securities. Disruptions in the markets for the securities underlying ETFs could result in losses on investment in ETFs. In addition, an actual trading market may not develop for an ETF’s shares and the listing exchange may halt trading of an ETF’s shares. ETFs are subject to management fees and other fees that may increase their costs versus the costs of owning the underlying securities directly. A Fund will indirectly bear its proportionate share of management fees and other expenses that are charged by an ETF in addition to the management fees and other expenses paid by a Fund. A Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. A Fund may from time to time invest in ETFs, primarily as a means of gaining exposure for its portfolio to the market without investing in individual securities, particularly in the context of managing cash flows into the Fund or where access to a local market is restricted or not cost effective. In addition, an index-based ETF may not exactly replicate the performance of the index it seeks to track for a number of reasons, such as operating expenses, transaction costs and imperfect correlation between the performance of the ETF’s holdings and that of the index.

A Fund may invest in ETFs, among other reasons, to gain broad market, sector or asset class exposure, including during periods when it has large amounts of uninvested cash or when the Manager or Subadvisor believes share prices of ETFs offer attractive values, subject to any applicable investment restrictions in the Prospectus and the SAI.

Financial Sector Risk

To the extent a Fund invests in financial services firms, it is more susceptible to adverse developments affecting such companies and may perform poorly during a downturn in the financial sector. Investments in the financial sector may be adversely affected by regulatory changes, interest rate movements, the availability of capital, the cost of borrowing, the rate of debt defaults, increased competition, bank failures and adverse conditions in other related markets.

Focused Portfolio Risk

Certain Funds may invest in relatively few holdings, which may lead to a larger percentage of such Funds’ assets to be invested in a particular issuer or in fewer companies than is typical of other mutual funds. This may increase volatility of a Fund’s NAV. A Fund that invests in relatively few holdings will be more susceptible to adverse economic, political, regulatory or market developments affecting a single issuer than a Fund that is invested more broadly.

Foreign Securities and Currencies Risk

119

More About Investment Strategies and Risks

basis by New York Life Investments and could include, but would not be limited to, instances where a subadvisor disagrees with the primary stock exchange on which a dual listed issuer trades. Foreign securities may be more difficult to sell than U.S. securities. Foreign securities may be domiciled in the United States and traded on a U.S. market, but possess elements of foreign risk. Investments in foreign securities may involve difficulties in receiving or interpreting financial and economic information, possible imposition of taxes, higher brokerage and custodian fees, possible currency exchange controls or other government restrictions, including possible seizure or nationalization of foreign deposits or assets. Foreign securities may also be less liquid and more volatile than U.S. securities. Additionally, to the extent that the underlying securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed foreign market). There may also be difficulty in invoking legal protections across borders and, as a result, a Fund may have limited or no legal recourse with respect to foreign securities. In addition, investments in emerging market countries present unique and greater risks than those presented by investments in countries with developed securities markets and more advanced regulatory systems. For example, some Asia-Pacific countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles and less liquid markets than developed countries. The Asia-Pacific region has historically been highly dependent on global trade and the growth, development and stability of the region can be adversely affected by, among other regional and global developments, trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. See “Emerging Markets” above.

Economic sanctions and other similar measures 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 ability to purchase or sell certain foreign securities or groups of foreign securities, and thus may make 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, a Fund may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. Sanctions and other similar measures could significantly delay or prevent the settlement of securities transactions or their valuation, and significantly impact a Fund's liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice.

Many foreign securities are denominated or quoted in a foreign currency. A decline in value of a currency will have an adverse impact on the U.S. dollar value of any investments denominated in that currency. Exchange rate movements can be large and can endure for extended periods of time, affecting either favorably or unfavorably the value of a Fund's assets. However, a Fund may engage in foreign currency transactions to attempt to protect itself against fluctuations in currency exchange rates in relation to the U.S. dollar. See “Risk Management Techniques” below.

Changes in the value of foreign (non-U.S.) currencies relative to the U.S. dollar and inflation may adversely affect a Fund's 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, unrelated to the quality or performance of the investment itself. A Fund may lose money due to losses and/or expenses incurred in converting various currencies to purchase and sell securities valued in currencies other than the U.S. dollar, as well as from currency restrictions, exchange control regulation and/or governmental restrictions that limit or otherwise delay the Fund's ability to convert currencies. A Fund's manager or subadvisor may seek to reduce currency risk by hedging all or part of the exposure to various foreign currencies of a Fund's assets allocated to the subadvisor(s) 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 a 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.

Futures Transactions Risk

Purchasing and selling single stock futures or stock index futures may be used to hedge the equity portion of its investment portfolio with regard to market (systemic) risk or to gain market exposure to that portion of the market represented by the futures contracts. A Fund may also purchase and sell other futures when deemed appropriate, in order to hedge the equity or non-equity portions of its portfolio. In addition, to the extent that it invests in foreign securities, and subject to any applicable restriction on its ability to invest in foreign currencies, a Fund may enter into contracts for the future delivery of foreign currencies to hedge against changes in currency exchange rates. Subject to compliance with applicable rules and restrictions, a Fund also may enter into futures contracts traded on foreign futures exchanges.

Purchasing and selling futures contracts on debt securities and on indices of debt securities may be used in order to hedge against anticipated changes in interest rates that might otherwise have an adverse effect upon the value of a Fund's securities. Such futures contracts may also be used for other appropriate risk management, income enhancement and investment purposes.

120

More About Investment Strategies and Risks

losses greater than if they had not been used. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in a Fund's securities being hedged, even if the hedging vehicle closely correlates with the Fund’s investments, such as with single stock futures contracts. If the price of a futures contract changes more than the price of the securities or currencies, a Fund will experience either a loss or a gain on the futures contracts that will not be completely offset by changes in the price of the securities or currencies that are the subject of the hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives.

Geographic Focus Risk

Issuers in a single country, a small number of countries, or a particular geographic region can react similarly to market, currency, economic, political, regulatory, geopolitical and other conditions. These conditions include anticipated or actual government budget deficits or other financial difficulties, levels of inflation and unemployment, fiscal and monetary controls, tax policy and political and social instability. A Fund's performance will be particularly susceptible to the conditions in the countries or regions to which it is significantly exposed. For example, investments in Japan may be subject to additional risks, including those associated with an aging and declining population, which contributes to the increasing cost of Japan’s pension and public welfare system and makes the economy more dependent on foreign trade. Additionally, Japan is prone to natural disasters, such as earthquakes and tsunamis.

Greater China Risk

Investing in securities of issuers located in or economically tied to mainland China, Hong Kong or Taiwan ("Greater China") involves certain risks and considerations, including, more frequent trading suspensions (by the government or the issuer itself), government interventions, nationalization of assets, currency exchange rate fluctuations or blockages, limits on the use of brokers and on foreign ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations and custody risks. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. It is unclear whether further tariffs and sanctions may be imposed or other escalating actions may be taken in the future, which could negatively impact a Fund.

Mainland China controls matters that relate to defense and foreign affairs but does not tax Hong Kong, does not limit the exchange of the Hong Kong dollar for foreign currencies and does not place restrictions on free trade in Hong Kong. There is no guarantee that mainland China will continue to honor the agreement and mainland China may change its policies regarding Hong Kong in the future. Any such change may adversely affect market conditions and the performance of mainland Chinese and Hong Kong issuers and the value of securities in a Fund’s portfolio.

Additionally, the prospect of political reunification of mainland China and Taiwan has engendered hostility between the two regions’ governments. This situation poses a significant threat to Taiwan’s economy, as heightened conflict could potentially lead to distortions in Taiwan’s capital accounts and have an adverse impact on the value of investments throughout Greater China.

Growth Stocks Risk

Growth stocks typically trade at higher multiples of current earnings than other securities. Therefore, the values of growth stocks may be more sensitive to changes in current or expected earnings than the values of other securities.

The principal risk of investing in growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If these expectations are not met, the market price of the stock may decline significantly, even if earnings showed an absolute increase. Growth stocks also typically lack the dividend yield that can cushion stock prices in market downturns.

Increase in Expenses Risk

The actual costs of investing in a Fund may be higher than the expenses shown in “Total Annual Fund Operating Expenses” for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease, as a result of redemptions or otherwise, or if a fee limitation is changed or terminated. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.

Index Strategy Risk

The NYLI S&P 500 Index Fund employs an index strategy that seeks to invest in stocks as represented in the S&P 500^® Index. Therefore, the adverse performance of a particular security ordinarily will not result in the elimination of the security from the Fund's portfolio. The Fund's performance may vary from the S&P 500^® Index’s performance due to factors such as transaction costs, imperfect correlation between the Fund's holdings and those of the S&P 500^® Index and changes in the composition of the S&P 500^® Index. Also, the Fund's fees and expenses will reduce the Fund's returns, unlike those of the S&P 500^® Index. An investment cannot be made directly in an index. The Fund is not “actively” managed and would generally not sell a security because the security’s issuer was in financial trouble unless that security is removed from (or was no longer useful in tracking a component of) the S&P 500^® Index.

Industrials Sector Risk

The prices of securities in the industrials sector can be volatile and can be impacted significantly by supply and demand for certain products and services, product obsolescence and product liability claims, government regulation, exchange rates, world events, general

121

More About Investment Strategies and Risks

economic conditions and other factors. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in, among other things, the economy, fuel prices, labor agreements and insurance costs.

Inflation Risk

A Fund's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund's assets can decline as can the value of the Fund's distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change). The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by a Fund. This risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. In addition, this risk may be significantly elevated compared to normal conditions because of monetary policy measures and the current interest rate environment and level of government intervention and spending.

Initial Public Offerings (“IPOs”) Risk

IPO share prices are frequently volatile due to factors such as the absence of a prior public market for the shares, unseasoned trading in the shares, the small number of shares available for trading and limited information about the issuer’s business model, quality of management, earnings growth potential and other criteria used to evaluate its investment prospects. Investments in IPO shares, which are subject to market risk and liquidity risk, involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. Investments in IPO shares may have a magnified impact on the performance of a Fund with a small asset base. The impact of the investments in IPO shares on a Fund's performance will likely decrease as a Fund's asset size increases, which could reduce the Fund's returns. IPOs may not be consistently available for investing, particularly as the Fund's asset base grows. A Fund may hold IPO shares for a very short period of time, which may increase portfolio turnover and expenses, such as commissions and transaction costs. In addition, IPO shares can experience an immediate drop in value if the demand for the securities does not continue to support the offering price.

Investments in Other Investment Companies Risk

A Fund may invest in other investment companies, including mutual funds, closed-end funds, and ETFs.

A Fund may purchase the securities of another investment company to temporarily gain exposure to a portion of the market while awaiting purchase of securities or as an efficient means of gaining exposure to a particular asset class. A Fund might also purchase shares of another investment company to gain exposure to the securities in the investment company’s portfolio at times when the Fund may not be able to buy those securities directly. Any investment in another investment company would be consistent with a Fund's objective and investment program. A Fund generally will directly bear its proportionate share of the management fees and other expenses that are charged by other investment companies, which also may be advised by the Manager or its affiliates, in addition to the management fees and other expenses paid by the Fund.

The risks of owning another investment company are generally similar to the risks of investment directly in the securities in which that investment company invests. However, an investment company may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect performance. In addition, because listed closed-end funds and ETFs trade on a secondary market, their shares may trade at a premium or discount to the actual listed NAV of their portfolio securities and their shares may have greater volatility because of the potential lack of liquidity.

Issuer Risk

An issuer in which a Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations and actions, war, other conflicts, terrorism, disease/virus outbreaks, epidemics or other events, conditions or factors.

Large Investments or Redemptions by Shareholders Risk

From time to time, a Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on performance if the Fund is required to sell securities, invest cash or hold significant cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase transaction costs. Certain shareholders, including clients or affiliates of the Manager and/or other funds managed by the Manager or its affiliates, may from time to time own or control a significant percentage of a Fund’s shares. Redemptions by these shareholders of their shares may further increase the liquidity risk and may otherwise adversely impact the Fund. These shareholders may include, for example, institutional investors, funds of funds, discretionary advisory clients and other shareholders whose buy-sell decisions are controlled by a single decision-maker. For more information, please see “Liquidity and Valuation Risk.”

122

More About Investment Strategies and Risks

Lending of Portfolio Securities Risk

A Fund may lend its portfolio securities. Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income under guidelines adopted by the Funds' Board. In determining whether to lend securities, the Manager or the Subadvisor or its/their agent will consider relevant facts and circumstances, including the creditworthiness of the borrower. Securities lending involves the risk that a Fund may lose money in the event that the borrower fails to return the securities in a timely manner or at all. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities or in the event that the borrower fails to provide additional collateral as needed to ensure the loan is fully collateralized. A Fund may also not experience the returns expected with the investment of cash collateral. Furthermore, as with other extensions of credit, a Fund could lose its rights in the collateral should the borrower fail financially. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to a Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the Fund.

Liquidity and Valuation Risk

Liquidity risk is the risk that a Fund could not meet redemption requests within the allowable time period without significant dilution of remaining investors’ interests in the Fund. Liquidity risk exists when particular investments are difficult to sell, possibly preventing a Fund from selling the investments at an advantageous time or price. Liquidity risk may also exist because of unusual market conditions, government intervention, political, social, health, economic or market developments, unusually high volume of redemptions, or other reasons. Liquidity risk may be magnified in a market where credit spread and interest rate volatility is rising and where investor redemptions from fixed-income mutual funds may be higher than normal. To meet redemption requests, a Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. Liquidity risk includes the risk that a Fund will experience significant net redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. The liquidity of any Fund investment may change significantly over time as a result of market, economic, trading, issuer-specific and other factors. Liquid investment may become illiquid after purchase by a Fund, particularly during periods of market turmoil, adverse economic conditions or issuer-specific developments. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by a Fund. Dislocations in markets often result in reduced liquidity for investments.

Valuation risk refers to the potential that the sales price a Fund could receive for any particular investment may differ from the Fund’s valuation of the investment. Valuation of a Fund’s investments may be difficult, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology that produces an estimate of the fair value of the security/instrument, which are based on good faith, subjective judgments, and available information. Such valuations may prove to be inaccurate. Where no clear or reliable indication of the value of a particular investment is available, the investment will be valued at its fair value according to valuation procedures approved by the Board. These cases include, among others, situations where the secondary markets on which a security has previously been traded are no longer viable for lack of liquidity. The value of illiquid investments may reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists, and thus negatively affect a Fund's NAV. In addition, the value of illiquid investments that subsequently become liquid may increase, positively affecting the Fund's NAV. The Manager, as valuation designee, may rely on various sources of information to value investments and calculate NAVs. The Manager may obtain pricing information from third parties that are believed to be reliable. In certain cases, this information may be unavailable or this information may be inaccurate because of errors by the third parties, technological issues, an absence of current market data, or otherwise. These cases increase the risks associated with fair valuation.

Performance attributable to variations in liquidity are not necessarily an indication of future performance. For more information on fair valuation, please see "Fair Valuation and Portfolio Holdings Disclosure."

Loan Participation Interests Risk

Loan participation interests, also referred to as Participations, are fractional interests in an underlying corporate loan and may be purchased from an agent bank, co-lenders or other holders of Participations. There are three types of Participations which a Fund may purchase. A Participation in a novation of a corporate loan involves a Fund assuming all of the rights of the lender in a corporate loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. Second, a Fund may purchase a Participation in an assignment of all or a portion of a lender's interest in a corporate loan, in which case the Fund may be required generally to rely on the assigning lender to demand payment and to enforce its rights against the borrower, but would otherwise be entitled to all of such lender's rights in the underlying corporate loan. Third, a Fund may also purchase a Participation in a portion of the rights of a lender in a corporate loan, in which case, a Fund will be entitled to receive payments of principal, interest and fees, if any, but generally will not be entitled to enforce its rights against the agent bank or borrower. The Fund must rely on the lending institution for that purpose.

The principal credit risk associated with acquiring Participations from a co-lender or another Participant is the credit risk associated with the underlying corporate borrower. A Fund may incur additional credit risk, however, when it is in the position of Participant rather than co-lender because the Fund must then assume the risk of insolvency of the co-lender from which the Participation was purchased and that of any person interposed between the Fund and the co-lender.

123

More About Investment Strategies and Risks

A 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. Participations are subject to risks generally associated with debt securities; however, Participations may not be considered “securities,” and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. A Fund may be in possession of material non-public information about a borrower or issuer as a result of its ownership of a Participation or security of such borrower or issuer. Because of prohibitions on trading in securities of issuers while in possession of such information, a Fund may be unable to enter into a transaction in a loan or security of such a borrower or issuer when it would otherwise be advantageous to do so.

Market Capitalization Risk

To the extent a Fund invests in securities issued by small-, mid-, or large-cap companies, it will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization underperform other types of investments, a Fund's performance could be adversely impacted.

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. In addition, securities of small-cap and mid-cap companies may trade in an over-the-counter market or on a regional exchange, or may otherwise have limited liquidity. Smaller capitalization companies frequently rely on narrower product lines, niche markets, limited financial resources, a few key employees and inexperienced management. Smaller capitalization companies have more speculative prospects for future growth, sustained earnings and market share than larger companies and may be more vulnerable to adverse business or market developments. Accordingly, it may be difficult for a Fund to sell small-cap securities at a desired time or price. Generally, the smaller the company, the greater these risks become. Although securities issued by larger companies tend to have less overall volatility than securities issued by smaller companies, 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.

Market Risk

The value of a Fund's investments may fluctuate and/or decline because of changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Changes in these markets may be rapid and unpredictable. Fluctuations in the markets generally or in a specific industry or sector may impact the securities in which a Fund invests. From time to time, markets may experience periods of stress for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions. Certain securities may be difficult to value under such conditions, and conditions may add significantly to the risk of volatility in the NAV of a Fund’s shares. Market changes may impact equity and fixed income securities in different and, at times, conflicting manners. A Fund potentially will be prevented from executing investment decisions at an advantageous time or price as a result of any domestic or global market disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, as well as increased or changing regulations. Thus, investments that the Manager or a Subadvisor believes represent an attractive opportunity or in which a Fund seeks to obtain exposure may be unavailable entirely or in the specific quantities sought by the Manager or the Subadvisor and the Fund may need to obtain the exposure through less advantageous or indirect investments or forgo the investment at the time.

Political and diplomatic events within the United States and abroad, such as the U.S. budget, trade tensions and the imposition of economic sanctions, has in the past resulted, and may in the future result, in developments that present additional risks to a Fund's investments and operations. The U.S. government may renegotiate some of its global trade relationships with foreign governments and may impose or threaten to impose significant tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions) could lead to price volatility and overall declines in the U.S. and global investment markets. Geopolitical and other events, such as war, acts of terrorism, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, the spread of infectious illnesses, epidemics and pandemics, environmental and other public health issues, supply chain disruptions, bank failures, inflation, deflation, recessions or other events, and governments’ reactions (as well as responses to government reactions or interventions) to such events, may lead to increased market volatility and instability in world economies and markets generally and may have adverse effects on the performance of a Fund and its investments. It is difficult to accurately predict or foresee when events or conditions affecting the U.S. or global financial markets, economies, and issuers may occur, the effects of such events or conditions, potential escalations or expansions of these events, possible retaliations in response to sanctions or similar actions and the duration or ultimate impact of those events. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Stocks of large capitalization issuers that are included as components of indices

124

More About Investment Strategies and Risks

replicated by passively-managed funds may be particularly susceptible to declines in value, including declines in value that are not believed to be representative of the issuer’s fundamentals, due to market and investor reactions to such events. During a general downturn in the securities markets or economies, multiple asset classes may decline in value simultaneously even if the performance of those asset classes is not otherwise historically correlated. Additional and/or prolonged geopolitical or other events may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Any such market, economic and other disruptions could also prevent a Fund from executing its investment strategies and processes in a timely manner.

Master Limited Partnerships ("MLPs") Risk

Certain Funds may invest no more than 25% of their total assets in MLPs that are qualified publicly traded partnerships under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). MLPs are limited partnerships in which ownership interests are publicly traded and are operated under the supervision of one or more general partners. Investments in MLPs carry many of the risks inherent in investing in a partnership. State law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP. Limited partners may also have more limited control and limited rights to vote on matters affecting the MLP.

The anticipated benefits to be derived from MLP investments will principally depend on the MLPs being treated as partnerships for U.S. federal income tax purposes. Partnerships generally are not subject to U.S. federal income tax at the partnership level. Rather, each partner is allocated and is generally subject to U.S. federal income tax on its share of the partnership’s income, gains, losses, deductions and expenses. A change in current tax law or in the underlying business activities of a given MLP could result in the MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being subject to entity-level U.S. federal income tax (as well as state and local taxes) on its taxable income. The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP. Thus, if any of the MLPs owned by a Fund was treated as a corporation for U.S. federal income tax purposes, it could result in a reduction of the value of an investment in the Fund and lower income earned by the Fund. To the extent a distribution received by a Fund from an MLP equity security is treated as a return of capital, the Fund’s adjusted tax basis in the MLP equity security would be reduced by the amount of such distribution, which ultimately could result in an increase in an amount of income or gain (or decrease in the amount of loss) recognized by the Fund for tax purposes upon the sale or other disposition of such MLP equity security. Furthermore, any return of capital distributions received from an MLP equity security may require a Fund to restate the character of distributions made by the Fund as well as amend any previously issued shareholder tax reporting information.

MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in these sectors of the economy could have an adverse impact on a Fund invested in MLPs. At times, the performance of securities of companies in these sectors of the economy may lag the performance of other sectors or the broader market as a whole.

Non-Diversification Risk

NYLI PineStone U.S. Equity Fund is a non-diversified, open-end management investment company registered under the 1940 Act. A non-diversified fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. A non-diversified Fund may select its investments from a relatively small pool of issuers together with securities issued by any newly public issuers consistent with its stated investment objective and policies. An investment in a non-diversified Fund may present greater risk to an investor than an investment in a diversified portfolio because changes in the financial condition or market assessment of a single issuer or small number of issuers may cause greater fluctuations in the value of the Fund’s shares.

Operational and Cyber Security Risk

Operational risk arises from a number of factors, including but not limited to, human error, processing and communication errors, errors of service providers, counterparties or other third-parties, failed or inadequate processes and technology or system failures and may arise from external or internal sources. Additionally, a Fund and its service providers are susceptible to risks resulting from breaches in cyber security, including the theft, corruption, destruction or denial of access to data maintained online or digitally, denial of service on websites and other disruptions. Successful cyber security breaches may adversely impact a Fund and its shareholders by, among other things, interfering with the processing of shareholder transactions, impacting its ability to calculate its NAV, causing the release of confidential shareholder or Fund information, impeding trading, causing reputational damage and subjecting a Fund to fines, penalties or financial losses. The Funds seek to reduce these operational and cyber security risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate for those risks that they are intended to address. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nationstates or from entities with nationstate backing. Additionally, technological developments such as the use of cloud-based service providers and/or services and the integration of artificial intelligence in systems and operations create new risks, which can be difficult to assess.

Options Risk

125

More About Investment Strategies and Risks

options contracts involves leverage risk, liquidity risk, counterparty risk, market risk, operational risk and legal risk. If the Manager or a Subadvisor judges market conditions incorrectly or employs a strategy that does not correlate well with a Fund's investments, these techniques could result in a loss, regardless of whether the intent was to reduce risk or increase return. An investment in options may be subject to greater fluctuation than an investment in the underlying index or instrument itself. To the extent that a Fund writes or sells put options, the Fund could experience substantial losses in instances where the option's underlying index or instrument decreases below the exercise price of the written option. To the extent that a Fund writes or sells call options, the Fund could experience substantial losses in instances where the option's underlying index or instrument increases above the exercise price of the written option. Writing (selling) hedged options limits the opportunity to profit from changes in the market value of underlying indexes or instruments in exchange for up-front cash (the premium) at the time of selling the option.

Portfolio Management Risk

The investment strategies, practices and risk analysis used may not produce the desired results. In addition, a Fund may not achieve its investment objective, including during periods in which it takes temporary positions in response to unusual or adverse market, economic or political conditions, or other unusual or abnormal circumstances. A Subadvisor may be incorrect in its assessment of a particular security or market trend, which could result in losses. A Subadvisor's judgment about whether securities will increase or decrease in value may prove to be incorrect, and the value of these securities could change unexpectedly.

A quantitative model or algorithm ("quantitative tool") used by a Subadvisor, and the investments selected based on the quantitative tool, may not perform as expected. A quantitative tool may contain certain assumptions in construction and implementation that may adversely affect the Fund’s performance. There may also be technical issues with the construction and implementation of the quantitative tool (for example, software or other technology malfunctions, or programming inaccuracies). In addition, the Fund’s performance will reflect, in part, the Subadvisor’s ability to make active qualitative decisions and timely adjust the quantitative tool, including the tool’s underlying metrics and data.

Portfolio Turnover Risk

Portfolio turnover measures the amount of trading a Fund does during the year. Due to their trading strategies, certain Funds may experience a portfolio turnover rate of over 100%. The portfolio turnover rate for each Fund is found in the relevant summary sections for each Fund and the Financial Highlights. The use of certain investment strategies may generate increased portfolio turnover. A Fund with a high turnover rate (at or over 100%) often will have higher transaction costs (which are paid by the Fund) and may generate short-term capital gains (on which Fund shareholders will pay taxes, even if such shareholders do not sell any shares by year-end).

Preferred Stock Risk

Preferred stock generally has a preference as to dividends and upon liquidation over an issuer’s common stock but ranks junior to other income securities in an issuer’s capital structure. Preferred stock generally pays dividends in cash (or additional shares of preferred stock) at a defined rate but, unlike interest payments on other income securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer’s common stock until all unpaid preferred stock dividends have been paid. Preferred stock also may provide that, in the event the issuer fails to make a specified number of dividend payments, the holders of the preferred stock will have the right to elect a specified number of directors to the issuer’s board. Preferred stock also may be subject to optional or mandatory redemption provisions. In addition, preferred stock may trade less frequently and in a more limited volume and may be subject to more abrupt or unpredictable price movements than certain other types of securities. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking portfolio provisions, as well as provisions allowing the stock to be called or redeemed prior to its maturity, which can have a negative impact on the stock's price when interest rates decline.

Real Estate Investment Trusts ("REITs") Risk

REITs are pooled investment vehicles that invest primarily in either real estate or real estate-related loans. Investment in REITs carries with it many of the risks associated with direct ownership of real estate, including declines in property values, extended vacancies, increases in property taxes, possible environmental liabilities and changes in interest rates. In addition to these risks, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults, and are subject to heavy cash flow dependency. REITs are also susceptible to the risks associated with the types of real estate investments they own and adverse economic or market events with respect to these securities and property types (e.g., apartment properties, retail shopping centers, office and industrial properties, hotels, healthcare facilities, manufactured housing and mixed-property types). For example, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management or development of the underlying properties, which may also be subject to mortgage loans and thereby may be subject to the risks of default. A REIT could possibly fail to qualify for tax free pass-through of income under the Internal Revenue Code, or could fail to maintain its exemption from registration under the 1940 Act. The failure of a company to qualify as a REIT under federal tax law or maintain its exemption from registration under the 1940 Act may have adverse consequences.

126

More About Investment Strategies and Risks

Regulatory Risk

Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by the Fund, affect the value of its investments, and limit the Fund’s ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. In addition to exposing a Fund to potential new costs and expenses, additional regulation or changes to existing regulation may also require changes to a Fund's investment practices. Certain regulatory authorities may also prohibit or restrict the ability of a Fund to engage in certain derivative transactions or short-selling of certain securities. A Fund may incur additional costs to comply with new requirements as well as to monitor for compliance with any new requirements going forward.

At any time after the date of this Prospectus, legislation may be enacted that could negatively affect the assets of a Fund. Legislation or regulation may change the way in which a Fund is managed. Neither the Manager nor a Subadvisor can predict the effects of any new governmental regulation that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect a Fund's ability to achieve its respective investment objective. A Fund's activities may be limited or restricted because of laws and regulations applicable to the Manager, the Subadvisor or the Fund.

Repurchase Agreements Risk

Certain Funds may enter into repurchase agreements with certain sellers in accordance with guidelines adopted by the Board. A repurchase agreement is an instrument under which a Fund acquires a security and the seller agrees, at the time of the sale, to repurchase the security at an agreed upon time and price. A Fund's use of repurchase agreements is generally intended to be a means for the Fund to earn income on uninvested cash, but there is no guarantee that a repurchase agreement will provide income.

Repurchase agreements subject a Fund to counterparty risks, including the risk that the seller of the underlying security will become bankrupt or insolvent before the date of repurchase or otherwise will fail to repurchase the security as agreed, which could cause losses to the Fund. If the seller defaults on its obligations under the agreement, the Fund may incur costs, lose money or suffer delays in exercising its rights under the agreement. If the seller fails to repurchase the underlying instruments collateralizing the repurchase agreement, the Fund may lose money. The credit, liquidity and other risks associated with repurchase agreements are heightened when a repurchase agreement is secured by collateral other than cash or U.S. government securities.

Restricted Securities Risk

Restricted securities are securities that are sold only through negotiated private transactions and not to the general public, due to certain restrictions imposed by federal securities laws or the terms of the security. The principal risk of investing in restricted securities is that a Fund may be limited or prevented by law or the terms of the security from selling the security and, as a result, the Fund may be unable to dispose of the security at an advantageous time or price. In addition, there is no assurance that a trading market will develop or exist for a restricted security, which also may result in difficulties in selling the security.

Rights and Warrants Risk

The holder of a stock purchase right or a warrant has the right to purchase a given number of shares of a particular issuer at a specified price until expiration of the warrant. Such investments can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of rights and warrants do not necessarily move in tandem with the prices of the underlying securities, and warrants are speculative investments. Rights and warrants pay no dividends and confer no rights other than a purchase option. If a right or warrant is not exercised by the date of its expiration, a Fund will lose its entire investment in such right or warrant.

Risk Management Techniques Risk

Various techniques can be used to increase or decrease exposure to changing security prices, interest rates, currency exchange rates, commodity prices or other factors that affect security values. These techniques may involve derivative transactions such as buying and selling futures contracts and options on futures contracts, entering into foreign currency transactions (such as foreign currency forward contracts and options on foreign currencies) and purchasing put or call options on securities and securities indices.

These practices can be used in an attempt to adjust the risk and return characteristics of a portfolio of investments. For example, to gain exposure to a particular market, a Fund may be able to purchase a futures contract with respect to that market. The use of such techniques in an attempt to reduce risk is known as "hedging." If the Manager or Subadvisor judges market conditions incorrectly or employs a strategy that does not correlate well with the Fund’s investments, these techniques could result in a loss, which in some cases may be unlimited, regardless of whether the intent was to reduce risk or increase return. These techniques may increase the volatility of a Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. In addition, these techniques could result in a loss if the counterparty to the transaction does not perform as promised.

Sector Risk

To the extent a Fund focuses its investments in particular sectors of the economy, a Fund’s performance may be more subject to the risks of volatile economic cycles and/or conditions or developments adversely affecting such sectors than if the Fund held a broader range of investments. Individual sectors may fluctuate more widely than the broader market.

127

More About Investment Strategies and Risks

Short Selling Risk

If a security sold short increases in price, a Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss, which could be theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security’s value cannot go below zero. A Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. A Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, a Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons.

When borrowing a security for delivery to a buyer, a Fund also may be required to pay a premium and other transaction costs, which would increase the cost of the security sold short. A Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. The amount of any gain will be decreased, and the amount of any loss will be increased, by the amount of the premium, dividends, interest or expenses a Fund may be required to pay in connection with the short sale. Also, the lender of a security may terminate the loan at a time when a Fund is unable to borrow the same security for delivery. In that case, the Fund would need to purchase a replacement security at the then current market price or "buy in" by paying the lender an amount equal to the cost of purchasing the security.

Until a Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with a broker or custodian that is pledged for the benefit of the broker to cover a Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. A Fund's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances, a Fund may not be able to substitute or sell the pledged collateral. This may limit a Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.

By investing the proceeds received from selling securities short, a Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase a Fund's exposure to long equity positions and make any change in a Fund's NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that a Fund will leverage its portfolio, or if it does, that the Fund's leveraging strategy will be successful or that it will produce a higher return on an investment.

Swap Agreements Risk

Certain Funds may enter into swap agreements, including but not limited to, interest rate, credit default, index, equity (including total return), and currency exchange rate swap agreements to attempt to obtain a desired return at a lower cost than a direct investment in an instrument yielding that desired return. In a typical swap transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular investments or instruments. The payments may be adjusted for transaction costs, interest payments, the amount of interest paid on the investment or instrument or other factors.

Whether the use of swap agreements will be successful will depend on whether the Manager or Subadvisor correctly predicts movements in the value of particular securities, interest rates, indices, currency exchange rates and market conditions. Entering into swaps involves elements of credit, market, leverage, liquidity, operational, counterparty and legal/documentation risks. Swap agreements entail the risk that a party will default on its payment obligations to a Fund. For example, credit default swaps can result in losses if a Fund does not correctly evaluate the creditworthiness of the company on which the credit default swap is based. Certain standardized swaps are subject to mandatory central clearing and exchange-trading. Central clearing, which interposes a central clearinghouse to each participant’s swap, is intended to reduce counterparty credit risk. Exchange-trading is expected to decrease illiquidity risk and increase transparency because prices and volumes are posted on the exchange. But central clearing and exchange-trading do not make swap transactions risk-free. Because they are two-party contracts and because they may have terms of greater than seven days, certain swaps may be considered to be illiquid. There is a risk that the other party could go bankrupt and a Fund would lose the value of the security or other consideration it should have received in the swap. A Fund may be either the buyer of credit protection against a designated event of default, restructuring or other credit related event (each a “Credit Event”) or the seller of credit protection in a credit default swap. The buyer of credit protection in a credit default swap agreement is obligated to pay the seller a periodic stream of payments over the term of the swap agreement. If a Credit Event occurs, the seller of credit protection must pay the buyer of credit protection the full notional value of the reference obligation either through physical settlement or cash settlement, which can result in the seller incurring a loss substantially greater than the amount invested in the swap. A Fund may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A Fund's use of total return swap agreements will subject the Fund to the risks applicable to swap agreements discussed herein, and a Fund may be adversely affected by its use of total return swaps, if any. For additional information on swaps, see "Derivative Transactions" above. Also, see the "Tax Information" section in the SAI for information regarding the tax considerations relating to swap agreements.

128

More About Investment Strategies and Risks

Tax Risk

Certain investments and investment strategies, including transactions in options and futures contracts, may be subject to special and complex federal income tax provisions, the effect of which may be, among other things: (i) to disallow, suspend, defer or otherwise limit the allowance of certain losses or deductions; (ii) to accelerate income to the Fund; (iii) to convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); and/or (iv) to produce income that will not qualify as good income under the gross income requirements that must be met for the Fund to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Furthermore, to the extent that any futures contract or option on a futures contract held by the Fund is a “Section 1256 contract” under Section 1256 of the Internal Revenue Code, the contract will be marked to market annually, and any gain or loss will be treated as 60% long-term and 40% short-term, regardless of the holding period for such contract. Section 1256 contracts may include Fund transactions involving call options on a broad-based securities index, certain futures contracts and other financial contracts.

Technology Stock Risk

Investments in technology companies may be subject to various risks, including risks relating to falling prices and profits, competition from new domestic and international market entrants, difficulty in obtaining financing and general economic conditions. In addition, the products of technology companies may face obsolescence associated with rapid technological developments and innovation, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. The profitability of technology companies, and an investment in such companies, may be particularly vulnerable to changing market demand, research and development costs and availability and price of components and related commodities, which may be influenced or characterized by unpredictable factors. In addition, technology stocks historically have experienced unusually wide price swings, thus potentially causing a Fund's performance to be more volatile than a fund not invested in technology companies.

Temporary Defensive Investments Risk

In times of unusual or adverse market, economic or political conditions or abnormal circumstances (such as large cash inflows or anticipated large redemptions), a Fund may, for temporary defensive purposes or for liquidity purposes (which may be for a prolonged period), invest outside the scope of its principal investment strategies. Under such conditions, a Fund may not invest in accordance with its investment objective or principal investment strategies and, as a result, there is no assurance that the Fund will achieve its investment objective. Under such conditions, each Fund may also invest without limit in cash, money market securities or other investments.

In unusual market conditions, the NYLI PineStone International Equity Fund may invest all or a portion of its assets in equity securities of U.S. issuers, investment grade notes and bonds, and cash and cash equivalents.

U.S. Government Securities Risk

There are different types of U.S. government securities with varying degrees of credit risk, including the risk of default, depending on the nature of the particular government support for that security. Additionally, U.S. government securities are subject to market and interest rate changes. For example, a U.S. government-sponsored entity, such as Federal National Mortgage Association ("Fannie Mae") or Federal Home Loan Mortgage Corporation ("Freddie Mac"), although chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury and are therefore riskier than other types of U.S. government securities. In addition, the long-term credit rating of the U.S. government may be downgraded by major rating agencies due to, among other things, an actual or expected fiscal deterioration, a high and growing government debt burden and an erosion of governance relative to peers.

Value Stocks Risk

Certain Funds may invest in companies that may not be expected to experience significant earnings growth, but whose securities their portfolio managers believe are selling at a price lower than their true value. Companies that issue such "value stocks" may have experienced adverse business developments or may be subject to special risks that have caused their securities to be out of favor. The principal risk of investing in value stocks is that they may never reach what the portfolio manager believes is their full value or that they may go down in value. If a portfolio manager's assessment of a company's prospects is wrong, or if the market does not recognize the value of the company, the price of that company's stock may decline or may not approach the value that the portfolio manager anticipates.

When-Issued Securities and Forward Commitments Risk

Debt securities are often issued on a when-issued or forward commitment basis. The price (or yield) of such securities is fixed at the time a commitment to purchase is made, but delivery and payment for the securities take place at a later date. During the period between purchase and settlement, no payment is made by a Fund and no interest accrues to the Fund. There is a risk that the security could be worth less when it is issued than the price a Fund agreed to pay when it made the commitment. Similarly, a Fund may commit to purchase a security at a future date at a price determined at the time of the commitment. The same procedure and risks exist for forward commitments as for when-issued securities.

Zero Coupon and Payment-in-Kind Bonds Risk

129

More About Investment Strategies and Risks

cash at a coupon payment date or in securities with a fair value equal to the amount of the coupon payment that would have been made. Zero coupon bonds are issued at a significant discount from their face value. The discount approximates the total amount of interest the bonds would accrue and compound over the period until maturity at a rate of interest reflecting the market rate at the time of issuance. Because interest on zero coupon obligations is not paid to a Fund on a current basis but is, in effect, compounded, the value of this type of security is subject to greater fluctuations in response to changing interest rates than the value of debt obligations that distribute income regularly.

Zero coupon bonds and payment-in-kind bonds tend to be subject to greater market risk than interest paying securities of similar maturities. The discount represents income, a portion of which a Fund must accrue and distribute every year even though the Fund receives no payment on the investment in that year. Therefore, these investments tend to be more volatile than securities which pay interest periodically and in cash.

In addition, there may be special tax considerations associated with investing in high-yield/high-risk bonds structured as zero coupon or payment-in-kind securities. Interest on these securities is recorded annually as income even though no cash interest is received until the security's maturity or payment date. As a result, the amounts that have accrued each year are required to be distributed to shareholders and such amounts will be taxable to shareholders. Additionally, a Fund may have to sell some of its assets to distribute cash to shareholders. These actions are likely to reduce the Fund’s assets and may thereby increase its expense ratio and decrease its rate of return.

Additionally, an interest payment deferred on payment-in-kind securities is subject to the risk that the borrower may default when the deferred payments are due in cash at the maturity of the loan and the risk that interest rates on payment-in-kind securities are higher than those on other loans to reflect the time value of money on deferred interest payments. Deferred interest payments are further subject to higher credit risk of borrowers who may need to defer interest payments. Market prices of payment-in-kind securities may be particularly volatile because they are affected to a greater extent by interest rate changes than are other instruments that pay interest periodically, and payment-in-kind securities may have unreliable valuations because accruals require judgment about ultimate collectability of the deferred payments and the value of the associated collateral.

Other information about the Funds:

Information Regarding Standard & Poor's^®

S&P^® and S&P 500^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The foregoing trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by New York Life Investment Management LLC. The S&P 500^® Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by New York Life Investment Management LLC. NYLI S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates make any representation regarding the advisability of investing in such product(s).

130

Shareholder Guide

The following pages are intended to provide information regarding how to buy and sell shares of the New York Life Investments Group of Funds and certain other information designed to help you understand the costs and certain other considerations associated with buying, holding and selling your New York Life Investments Fund investments. Not all of the New York Life Investments Group of Funds discussed below are offered in this Prospectus. Furthermore, certain share classes are not available for all New York Life Investments Group of Funds or to all investors and may be offered through a separate prospectus.

The information described in this Shareholder Guide is available free of charge by calling toll-free 800-624-6782 or by visiting dfinview.com/NYLIM. The information contained in or otherwise accessible through the New York Life Investments website does not form part of this Prospectus. For additional details, please contact your financial adviser or the New York Life Investments Group of Funds free of charge by calling toll-free 800-624-6782.

Please note that shares of the New York Life Investments Group of Funds are generally not available for purchase by foreign investors, except to certain qualified investors. The New York Life Investments Group of Funds reserves the right to: (i) pay dividends from net investment income and distributions from net capital gains in a check mailed to any investor who becomes a non-U.S. resident; (ii) redeem shares and close the account of an investor who becomes a non-U.S. resident; and (iii) redeem shares and close the account of an investor in the case of actual or suspected threatening conduct or actual or suspected fraudulent, suspicious or illegal activity by that investor or any other individual associated with that account.

SIMPLE IRA Plan accounts and certain other retirement plan accounts may not be eligible to invest in certain New York Life Investments Group of Funds.

The following terms are used in this Shareholder Guide:

· "New York Life Investments Asset Allocation Funds" collectively refers to the NYLI Conservative Allocation Fund, NYLI Equity Allocation Fund, NYLI Growth Allocation Fund and NYLI Moderate Allocation Fund.

· "New York Life Investments Epoch Funds" collectively refers to the NYLI Epoch Capital Growth Fund, NYLI Epoch U.S. Equity Yield Fund and NYLI Epoch Global Equity Yield Fund.

· “New York Life Investments ETF Asset Allocation Funds” collectively refers to the NYLI Conservative ETF Allocation Fund, NYLI Equity ETF Allocation Fund, NYLI Growth ETF Allocation Fund and NYLI Moderate ETF Allocation Fund.

· “New York Life Investments Group of Funds” collectively refers to each mutual fund managed by New York Life Investment Management LLC.

· "New York Life Investments International/Global Equity Funds" collectively refers to the NYLI Candriam Emerging Markets Equity Fund, NYLI CBRE Global Infrastructure Fund, NYLI Epoch Capital Growth Fund, NYLI Epoch Global Equity Yield Fund, NYLI Epoch International Choice Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI WMC International Research Equity Fund.

· "New York Life Investments Mixed Asset Funds" collectively refers to the NYLI Balanced Fund, NYLI Income Builder Fund and NYLI MacKay Convertible Fund.

· “New York Life Investments Tax-Exempt Funds” collectively refers to the NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund.

· "New York Life Investments Taxable Bond Funds" collectively refers to the NYLI Candriam Emerging Markets Debt Fund, NYLI Floating Rate Fund, NYLI MacKay High Yield Corporate Bond Fund, NYLI MacKay Short Duration High Income Fund, NYLI MacKay Strategic Bond Fund, NYLI MacKay Total Return Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI Money Market Fund and NYLI Short Term Bond Fund.

· "New York Life Investments U.S. Equity Funds" collectively refers to the NYLI CBRE Real Estate Fund, NYLI Epoch U.S. Equity Yield Fund, NYLI Fiera SMID Growth Fund, NYLI S&P 500 Index Fund, NYLI PineStone U.S. Equity Fund, NYLI Winslow Large Cap Growth Fund, NYLI WMC Enduring Capital Fund, NYLI WMC Growth Fund, NYLI WMC Small Companies Fund and NYLI WMC Value Fund.

· The Board of Trustees of New York Life Investments Funds Trust and the Board of Trustees of New York Life Investments Funds are collectively referred to as the "Board."

· The Investment Company Act of 1940, as amended, is referred to as the "1940 Act."

· New York Life Investment Management LLC is referred to as the "Manager" or "New York Life Investments."

· New York Life Insurance Company is referred to as "New York Life."

131

Shareholder Guide

· NYLIM Service Company LLC is referred to as the "Transfer Agent" or "NYLIM Service Company."

· NYLIFE Distributors LLC, the New York Life Investments Group of Funds’ principal underwriter and distributor, is referred to as the "Distributor" or "NYLIFE Distributors."

· The New York Stock Exchange is referred to as the "Exchange."

· Net asset value is referred to as "NAV."

· The Securities and Exchange Commission is referred to as the "SEC."

· Automated Clearing House, the electronic process by which shares may be purchased or redeemed, is referred to as “ACH.”

BEFORE YOU INVEST — DECIDING WHICH CLASS OF SHARES TO BUY

The New York Life Investments Group of Funds offers Investor Class, Class A, A2, C, C2, I, P, R1, R2, R3, R6, Z and SIMPLE Class shares, as applicable. Each share class may not currently be offered by each New York Life Investments Fund or through your financial intermediary and may be offered through a separate prospectus. Each share class of a New York Life Investments Fund represents an interest in the same portfolio of securities, has the same rights and is identical in all respects to the other classes (unless otherwise disclosed in this Shareholder Guide or as set forth in the New York Life Investments Group of Funds’ multiple class plan adopted pursuant to Rule 18f-3 under the 1940 Act), except that, to the extent applicable, each class also bears its own service and distribution expenses and may bear incremental transfer agency costs resulting from its investor base. In addition, each class has its own sales charge and expense structure, providing you with different choices for meeting the needs of your situation. Depending upon the number of shares of a New York Life Investments Fund you choose to purchase, how you wish to purchase shares of a New York Life Investments Fund and the New York Life Investments Fund in which you wish to invest, the share classes available to you may vary.

The decision as to which class of shares is best suited to your needs depends on a number of factors that you should consider and discuss with your financial adviser. Important factors you may wish to consider include, among others:

· how much you plan to invest;

· how long you plan to hold your shares;

· the fees (e.g., sales charge) and total expenses associated with each class of shares; and

· whether you qualify for any reduction or waiver of the sales charge, if any, as discussed below in the section “Sales Charge Reductions and Waivers” and in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts.

The New York Life Investments Group of Funds, the Distributor and the Transfer Agent do not provide investment advice or recommendations or any form of tax or legal advice to existing or potential shareholders with respect to investment transactions involving the Funds. A shareholder transacting in (or holding) Fund shares through an intermediary should carefully review the fees and expenses charged by the intermediary relating to holding and transacting in Fund shares. These fees and expenses, including commissions, may vary by intermediary and customers of certain intermediaries are eligible only for the sales charge reductions or waivers set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. As a result, a shareholder purchasing or redeeming Fund shares through an intermediary may incur higher or lower costs than a shareholder purchasing or redeeming Fund shares through another intermediary or directly with the New York Life Investments Group of Funds. You may be required to pay a commission or other transaction charge to your financial intermediary when buying or selling shares of a share class that has no initial sales charge, contingent deferred sales charge, or asset-based fee for sales or distribution, such as Class I or Class R6 shares. These commissions or transaction charges are not reflected in the fee and expense table or expense examples for the share classes. The Funds make available other share classes that have different fees and expenses, which are disclosed and described in this Prospectus. Please contact your financial intermediary for more information on commissions or other transaction charges applicable to the purchase or redemption of shares of the Funds.

As with any business, operating a mutual fund involves costs. There are regular operating costs, such as investment advisory fees, distribution expenses, and custodial, transfer agency, legal and accounting fees, among others. These operating costs are typically paid from the assets of a New York Life Investments Fund, and thus, all investors in the New York Life Investments Fund (or share class, if applicable) indirectly share such costs. The expenses for each New York Life Investments Fund are presented in the Funds’ respective Prospectuses in the tables entitled, "Fees and Expenses of the Fund," under the heading, "Annual Fund Operating Expenses." As the fee and expense tables show, certain costs are borne equally by each share class. In cases where services or expenses are class-specific, such as distribution and/or service (12b-1) fees, the fees payable for transfer agency services or certain other expenses, the costs are typically allocated differently among the share classes or among groups of share classes.

In addition to the direct expenses that a New York Life Investments Fund bears, New York Life Investments Fund shareholders indirectly bear the expenses of the other funds in which the New York Life Investments Fund invests ("Underlying Funds"), where applicable. The tables entitled "Fees and Expenses of the Fund" reflect a New York Life Investments Fund's estimated indirect expenses from investing in Underlying Funds based on the allocation of the New York Life Investments Fund's assets among the Underlying Funds (if any) during the

132

Shareholder Guide

New York Life Investments Fund's most recent fiscal year. These expenses may be higher or lower over time depending on the actual investments of the New York Life Investments Fund's assets in the Underlying Funds and the actual expenses of the Underlying Funds.

In some cases, the Total Annual Fund Operating Expenses reflected in the tables entitled "Fees and Expenses of the Fund" may differ in part from the amounts shown in the Financial Highlights section of the applicable Prospectuses, which reflect only the operating expenses of a New York Life Investments Fund for its prior fiscal year and do not include the New York Life Investments Fund's share of the fees and expenses of any Underlying Fund in which the New York Life Investments Fund invested during its prior fiscal year.

12b-1 and Shareholder Service Fees

Most significant among the class-specific costs are:

· Distribution and/or Service (12b-1) Fee—named after the SEC rule that permits their payment, 12b-1 fees are paid by a class of shares to compensate the Distributor for distribution and/or shareholder services such as marketing and selling New York Life Investments Fund shares, compensating brokers and others who sell New York Life Investments Fund shares, advertising, printing and mailing of prospectuses and responding to shareholder inquiries.

· Shareholder Service Fee—this fee covers certain services provided to retirement plans investing in Class R1, Class R2 and Class R3 shares that are not included under a 12b-1 plan for such class (if any), such as certain account establishment and maintenance, order processing, and communication services.

An important point to keep in mind about 12b-1 fees and shareholder service fees, which are paid out of Fund assets on an ongoing basis, is that they reduce the value of your shares, and therefore, will proportionately reduce the returns you receive on your investment and any dividends that are paid. See "Information on Fees" in this section for more information about these fees.

Sales Charges

In addition to regular operating costs, there are costs associated with an individual investor's transactions and account, such as the compensation paid to your financial adviser for helping you with your investment decisions. The New York Life Investments Group of Funds typically covers such costs by imposing sales charges and other fees directly on the investor either at the time of purchase or upon redemption for certain share classes. These charges and fees for each New York Life Investments Fund are presented earlier in the tables entitled "Fees and Expenses of the Fund," under the heading, "Shareholder Fees." Such charges and fees include:

· Initial Sales Charge—also known as a "front-end sales load," refers to a charge that is deducted from your initial investment in Investor Class, Class A, Class A2 and Class Z shares that is used to compensate the Distributor and/or your financial adviser for their efforts and assistance to you in connection with the purchase. The key point to keep in mind about a front-end sales load is that it reduces the initial amount invested in New York Life Investments Fund shares.

· Contingent Deferred Sales Charge—also known as a "CDSC" or "back-end sales load," refers to a charge that is deducted from the proceeds when you redeem New York Life Investments Fund shares (that is, sell shares back to the New York Life Investments Fund). The amount of CDSC that you pay will depend on how long you hold your shares and decreases to zero if you hold your shares long enough. Although you pay no sales charge at the time of purchase, the Distributor typically pays your financial adviser a commission up-front. In part to compensate the Distributor for this expense, you will pay a higher ongoing 12b-1 fee over time for Class C or Class C2 shares. Subsequently, these fees may cost you more than paying an initial sales charge.

Distribution and/or service (12b-1) fees, shareholder service fees, initial sales charges and contingent deferred sales charges are each discussed in more detail later in this Shareholder Guide in the section “Information on Sales Charges.” Certain intermediaries impose different sales charges and make only specified waivers from sales charges available to their customers. These variations are described in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. The following table provides a summary of the differences among share classes with respect to such fees and other important factors:

133

Shareholder Guide

Summary of Important Differences Among Share Classes

Class A¹

Class A2

Investor
Class¹

Class C¹

Class C2

Class I

Class R1

Class R2

Class R3

Class R6

Class P

Class Z

SIMPLE
Class

Initial sales charge

Yes

None

Yes

None

Contingent deferred sales charge

None²

1% on sale of shares held for one year or less^3,4

1% on sale of shares held for one year or less

None

Ongoing distribution and/or service

(12b-1) fees

0.25%

0.75%⁵ distribution and 0.25% service

(1.00%
total)⁶

0.40% distribution and 0.25% service

(0.65% total)

None

0.25%

0.25% distribution and 0.25% service (0.50% total)

None

0.15%⁷

0.25% distribution and 0.25% service (0.50% total)

Shareholder service fee

None

0.10%

None

Conversion feature

Yes⁸

Purchase maximum⁷

None

$1,000,000⁹

$250,000

None

1. Class A, Investor Class and Class C shares of the NYLI Money Market Fund are sold with no initial sales charge or CDSC and have no 12b-1 fees.

2. No initial sales charge applies on investments of $1 million or more ($250,000 or more with respect to New York Life Investments Asset Allocation Funds, NYLI Balanced Fund, New York Life Investments ETF Asset Allocation Funds, NYLI Floating Rate Fund, NYLI Income Builder Fund, NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Duration High Income Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI MacKay Utah Muni Fund and NYLI Short Term Bond Fund). However, for purchases of Class A and Investor Class shares of each Fund (except NYLI MacKay Short Term Muni Fund and NYLI Short Term Bond Fund), a CDSC of 1.00% (0.50% for New York Life Investments ETF Asset Allocation Funds) may be imposed on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For purchases of Class A, Class A2 and Investor Class shares of NYLI MacKay Short Term Muni Fund and Class A and Investor Class shares of NYLI Short Term Bond Fund, a CDSC of 0.50% may be imposed on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.

3. 0.25% for NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund.

4. 18 months or less with respect to shares of NYLI MacKay Short Duration High Income Fund purchased prior to August 6, 2024.

5. 0.50% for NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund.

6. 0.075% for NYLI MacKay Colorado Muni Fund and 0.20% for NYLI MacKay Utah Muni Fund.

7. See the sections discussing Share Class Considerations and the section entitled "Buying, Selling, Converting and Exchanging Fund Shares—Conversions Between Share Classes" for more information on the voluntary and/or automatic conversions that apply to each share class.

8. Does not apply to purchases by certain retirement plans.

9. $250,000 for New York Life Investments Asset Allocation Funds, NYLI Balanced Fund, New York Life Investments ETF Asset Allocation Funds, NYLI Floating Rate Fund, NYLI Income Builder Fund, NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Duration High Income Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund and NYLI MacKay Utah Muni Fund.

The discussions in this Shareholder Guide are not intended to be investment advice or a recommendation because each investor's financial situation and considerations are different. Additionally, certain New York Life Investments Group of Funds have sales charge and expense structures that may alter your analysis as to which share class is most appropriate for your needs. This analysis can best be made by discussing your situation and the factors mentioned above with your financial adviser. Generally, however, Investor Class, Class A, Class A2 or Class Z shares are more economical than Class C or Class C2 shares if you intend to invest larger amounts and hold your shares long-term (more than six years, for most New York Life Investments Group of Funds). Class C or Class C2 shares may be more economical than Investor Class, Class A, Class A2 or Class Z shares if you intend to hold your shares for a shorter term. Class I, Class R6 and Class P shares are the most economical, regardless of amount invested or intended holding period. Class I shares are generally available only to certain institutional investors or through certain financial intermediary accounts or retirement plans. Class R6 shares are generally available only to certain retirement plans invested in a New York Life Investments Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the New York Life Investments Fund). Class R1, Class R2 and Class R3 shares are available only to certain employer-sponsored retirement plans. Class P shares are generally only available to investors that have a relationship with PineStone Asset Management, Inc. and are investing directly with the Fund. SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts.

If the share class that is most economical for you, given your individual financial circumstances and goals, is not offered through your financial intermediary and you are otherwise eligible to invest in that share class, you can open an account and invest directly in the New

134

Shareholder Guide

York Life Investments Group of Funds by submitting an application. Please see the section entitled “How to Open Your Account” in this Shareholder Guide and the SAI for details.

Investor Class Share Considerations

· Your Investor Class shares may convert automatically to Class A shares. Investor Class share balances are examined Fund-by-Fund on a quarterly basis. If, at that time, the value of your Investor Class shares in any one New York Life Investments Fund equals or exceeds $15,000 ($10,000 in the case of IRA or 403(b)(7) accounts that are making required minimum distributions via the systematic withdrawal plan or systematic exchange program), whether by shareholder action or change in market value, or if you have otherwise become eligible to invest in Class A shares, your Investor Class shares of that New York Life Investments Fund will be automatically converted into Class A shares. Eligible Investor Class shares may also convert upon request. Please note that, in most cases, you may not aggregate your holdings of Investor Class shares in multiple New York Life Investments Group of Funds/accounts or rely on a Right of Accumulation or Letter of Intent (each discussed below) to qualify for this conversion feature. Certain holders of Investor Class shares are not subject to this automatic conversion feature. For more information, please see the SAI.

· Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion and no sales load or other charge is imposed upon conversion. The New York Life Investments Group of Funds expects all share class conversions described in this section to be made on a tax-free basis. The New York Life Investments Group of Funds reserves the right to modify or eliminate the share class conversion feature at any time. When a conversion occurs, reinvested dividends and capital gains convert with the shares that are converting.

· When you invest in Investor Class shares, you pay the public offering price, which is the share price, or NAV, plus the initial sales charge that may apply to your purchase. The amount of the initial sales charge varies based on the size of your investment (see "Information on Sales Charges"). We also describe below how you may reduce or eliminate the initial sales charge (see "Sales Charge Reductions and Waivers").

· Since some of your investment goes to pay an upfront sales charge when you purchase Investor Class shares, you will purchase fewer shares than you would with the same investment in certain other share classes. However, the net income attributable to Class C or Class C2 shares and the dividends payable on Class C or Class C2 shares will be reduced by the amount of the higher distribution and/or service (12b-1) fee and incremental expenses associated with each such class. Likewise, the NAV of the Class C or Class C2 shares generally will be reduced by such class-specific expenses (to the extent a New York Life Investments Fund has undistributed net income) and investment performance of Class C or Class C2 shares will be lower than that of Investor Class shares. As a result, you are usually better off purchasing Investor Class shares rather than Class C or Class C2 shares and paying an up-front sales charge if you:

— plan to own the shares for an extended period of time, since the higher ongoing distribution and/or service (12b-1) fees on Class C or Class C2 shares may eventually exceed the cost of the up-front sales charge; or

— qualify for a reduced or waived sales charge.

Class A, Class A2 and Class Z Share Considerations

· Generally, Class A and Class A2 shares have a minimum initial investment amount of $15,000 per New York Life Investments Fund, however Class A shares of the New York Life Investments ETF Asset Allocation Funds have a minimum initial investment amount of $2,500. Class Z shares have a minimum initial investment of $1,000.

· When you invest in Class A, Class A2 or Class Z shares, you pay the public offering price, which is the share price, or NAV, plus the initial sales charge that may apply to your purchase. The amount of the initial sales charge is based on the size of your investment (see "Information on Sales Charges"). We also describe below how you may reduce or eliminate the initial sales charge (see "Sales Charge Reductions and Waivers").

· Since some of your investment goes to pay an up-front sales charge when you purchase Class A, Class A2 or Class Z shares, you will purchase fewer shares than you would with the same investment in certain other share classes. However, the net income attributable to Class C or Class C2 shares and the dividends payable on Class C or Class C2 shares will be reduced by the amount of the higher distribution and/or service (12b-1) fee and incremental expenses associated with such class. Likewise, the NAV of the Class C or Class C2 shares generally will be reduced by such class-specific expenses (to the extent a New York Life Investments Fund has undistributed net income) and investment performance of Class C or Class C2 shares will be lower than that of Class A, Class A2 or Class Z shares. As a result, you are usually better off purchasing Class A, Class A2 or Class Z shares rather than Class C or Class C2 shares and paying an up-front sales charge if you:

— qualify for a reduced or waived sales charge.

135

Shareholder Guide

· Class Z shares are generally only available to existing holders of Class Z shares of the NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund and NYLI MacKay Utah Muni Fund.

Class C and Class C2 Share Considerations

· You pay no initial sales charge on an investment in Class C or Class C2 shares. However, for certain Funds, you will pay higher ongoing distribution and/or service (12b-1) fees over the life of your investment than for each other share class.

· In most circumstances, you will pay a 1.00% CDSC if you redeem shares held for one year or less (18 months with respect to Class C shares of NYLI MacKay Short Duration High Income Fund purchased prior to August 6, 2024). Exchanging Class C or Class C2 shares may impact your holding period. Please see “Exchanging Shares Among New York Life Investments Group of Funds” for more information.

· When you sell Class C or Class C2 shares of a New York Life Investments Fund, to minimize your sales charges, the New York Life Investments Group of Funds first redeems the shares that have no sales charges (shares representing the amount of any appreciation on the original value of your shares, fully aged shares, and any shares received through the reinvestment of dividends and capital gains) and then the shares you have held longest.

· Class C and, with respect to NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund, Class C2 shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, eight years after the date they were purchased. This reduces distribution and/or service (12b-1) fees from 1.00% to 0.25% of average daily net assets for Class C shares (or from 0.50% to 0.25% for Class C shares and from 0.65% to 0.25% for Class C2 shares with respect to NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund). Conversion features do not apply to Class C shares of the NYLI Money Market Fund that were exchanged from another New York Life Investments Fund before their CDSC periods expired. Exchanging Class C or Class C2 shares into the NYLI Money Market Fund and/or holding Class C or Class C2 shares through a financial intermediary in an omnibus account may impact your eligibility to convert at the end of the calendar quarter, eight years after the date they were purchased. Please see “Conversions Between Share Classes” for more information.

· Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed upon conversion. The New York Life Investments Group of Funds expects all share class conversions described in this section to be made on a tax-free basis. The New York Life Investments Group of Funds reserves the right to modify or eliminate this share class conversion feature at any time.

· The New York Life Investments Group of Funds will generally not accept a purchase order for Class C or Class C2 shares in the amount of $1,000,000 or more ($250,000 or more with respect to the New York Life Investments Asset Allocation Funds, NYLI Balanced Fund, New York Life Investments ETF Asset Allocation Funds, NYLI Floating Rate Fund, NYLI Income Builder Fund, NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Duration High Income Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund and NYLI MacKay Utah Muni Fund).

· Please note that Class C2 shares may not be available for initial or subsequent purchases through certain financial intermediary firms, investment platforms or in certain types of investment accounts. See the SAI for additional information.

Class I Share Considerations

· You pay no initial sales charge or CDSC on an investment in Class I shares.

· You do not pay any ongoing distribution and/or service (12b-1) fees.

· You may buy Class I shares if you are an:

— Institutional Investor

 Certain employer-sponsored, association or other group retirement plans or employee benefit trusts with a service arrangement through the Distributor or its affiliates;

 Certain financial institutions, endowments, foundations, government entities or corporations investing on their own behalf;

 Clients transacting through financial intermediaries that purchase Class I shares through: (i) fee-based accounts that charge such clients an ongoing fee for advisory, investment, consulting or similar services; (ii) a no-load network or platform that has entered into an agreement with the Distributor or its affiliates to offer Class I shares through a no-load network or platform; or (iii) brokerage accounts held at a broker that charges such clients transaction fees.

136

Shareholder Guide

— Individual Investor who is initially investing at least $1 million in any single New York Life Investments Fund: (i) directly with the New York Life Investments Fund; or (ii) through certain private banks and trust companies that have an agreement with the Distributor or its affiliates.

— Existing Class I Shareholder; or

— Existing or retired New York Life Investments Group of Funds Trustee or Officer, current Portfolio Manager of a New York Life Investments Fund or an employee of a Subadvisor.

· The New York Life Investments Asset Allocation Funds may invest in Class I shares, if Class R6 shares for a Fund are unavailable.

Class P Share Considerations

· You pay no initial sales charge or CDSC on an investment in Class P shares.

· You do not pay any ongoing distribution and/or service fees (12b-1) fees.

· Generally, Class P shares are only available to investors that have a relationship with PineStone Asset Management Inc. and are investing directly with the NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund or NYLI PineStone U.S. Equity Fund.

Class R1, Class R2, Class R3, Class R6 and SIMPLE Class Share Considerations

· You pay no initial sales charge or CDSC on an investment in Class R1, Class R2, Class R3, Class R6 or SIMPLE Class shares.

· You pay ongoing shareholder service fees for Class R1, Class R2 and Class R3 shares. You also pay ongoing distribution and/or service (12b-1) fees for Class R2, and Class R3 shares.

· You do not pay ongoing shareholder service fees or ongoing distribution and/or service fees (12b-1) fees for Class R6 shares.

· You pay ongoing distribution and/or service fees (12b-1) fees but do not pay ongoing shareholder service fees for SIMPLE Class shares.

· Class R1, Class R2 and Class R3 shares are available in certain individual retirement accounts and in certain retirement plans that have a service arrangement with the Distributor, including:

— Section 401(a) and 457 plans;

— Certain Section 403(b)(7) plans;

— Section 401(k), profit sharing, money purchase pension, Keogh and defined benefit plans; and

— Non-qualified deferred compensation plans.

· Generally, Class R6 shares are only available to certain employer-sponsored retirement plans held with a Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund) that have a service arrangement with the Distributor or its affiliate, such as Section 401(k), profit sharing, money purchase pension and defined benefit plans. However, the Fund reserves the right in its sole discretion to waive this eligibility requirement.

· SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts.

· SIMPLE Class shares convert to Class A shares, or Investor Class shares if you are not eligible to hold Class A shares, at the end of the calendar quarter, ten years after the date they were purchased. Share class conversions are based on the relevant NAVs of the two classes at the time of the conversion, and no sales load or other charge is imposed. The New York Life Investments Group of Funds expects all share class conversions described in this section to be made on a tax-free basis. The New York Life Investments Group of Funds reserves the right to modify or eliminate this share class conversion feature at any time.

· The New York Life Investments Asset Allocation Funds may invest in Class R6 shares, if available.

INVESTMENT MINIMUMS AND ELIGIBILITY REQUIREMENTS

The following minimums apply if you are investing in a New York Life Investments Fund. A minimum initial investment amount may be waived for purchases by the Trustees and directors and employees of New York Life and its affiliates and subsidiaries. The New York Life Investments Group of Funds may also waive investment minimums for certain qualified purchases and accept additional investments of smaller amounts at their discretion. Please see the SAI for additional information.

Investor Class Shares

All New York Life Investments Group of Funds except NYLI Candriam Emerging Markets Equity Fund, NYLI Cushing MLP Premier Fund, New York Life Investments Epoch Funds, NYLI MacKay California Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Short Duration High Income Fund and NYLI WMC Growth Fund:

· $1,000 minimum for initial and $50 minimum for subsequent purchases of any of these New York Life Investments Group of Funds, or

137

Shareholder Guide

· if through AutoInvest, a monthly systematic investment plan: $500 minimum for initial and $50 minimum for subsequent monthly purchases (except NYLI Money Market Fund, which requires an initial investment amount of $1,000).

NYLI Candriam Emerging Markets Equity Fund, NYLI Cushing MLP Premier Fund, New York Life Investments Epoch Funds, NYLI MacKay California Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Short Duration High Income Fund and NYLI WMC Growth Fund:

· $2,500 minimum for initial and $50 minimum for subsequent purchases of any of these New York Life Investments Group of Funds, or

· if through AutoInvest, a monthly systematic investment plan: $2,500 minimum for initial and $50 minimum for subsequent monthly purchases.

Class A Shares

All New York Life Investments Group of Funds except New York Life Investments ETF Asset Allocation Funds and NYLI Money Market Fund:

· $15,000 minimum initial investment with no minimum for subsequent purchases of any of these New York Life Investments Group of Funds.

New York Life Investments ETF Asset Allocation Funds:

· $2,500 minimum for initial and no minimum for subsequent purchases of any of these New York Life Investments Group of Funds, or

· if through AutoInvest, a monthly systematic investment plan: $500 minimum for initial and $50 minimum for subsequent monthly purchases.

NYLI Money Market Fund:

· There are no minimums for initial and subsequent purchases if all of your other accounts contain Class A shares only.

· Please note that if at any time you hold any class of shares other than Class A shares, your holdings in the NYLI Money Market Fund will immediately become subject to the applicable investment minimums, subsequent purchase minimums and subsequent conversion features for Class A shares.

Broker/dealers (and their affiliates) or certain service providers with customer accounts that trade primarily on an omnibus level or through the National Securities Clearing Corporation's Fund/SERV network (Levels 1-3 only); certain retirement plan accounts, including investment-only plan accounts; directors and employees of New York Life and its affiliates; investors who obtained their Class A shares through certain reorganizations (including holders of Class P shares of any of the predecessor funds to the New York Life Investments Epoch Funds as of November 16, 2009); and subsidiaries and employees of the Subadvisors are not subject to the minimum investment requirement for Class A shares, however New York Life Investments Group of Funds reserves the right to impose other minimum initial investment amounts on these accounts. See the SAI for additional information.

Class A2 Shares

NYLI MacKay Short Term Muni Fund:

· $15,000 minimum for initial and no minimum for subsequent purchases.

Class C Shares

· $1,000 minimum for initial and $50 minimum for subsequent purchases of any of these New York Life Investments Group of Funds, or

NYLI Candriam Emerging Markets Equity Fund, NYLI Cushing MLP Premier Fund, NYLI Epoch Funds, NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Duration High Income Fund, NYLI MacKay Utah Muni Fund and NYLI WMC Growth Fund:

· $2,500 minimum for initial and $50 minimum for subsequent purchases of any of these New York Life Investments Group of Funds, or

· if through AutoInvest, a monthly systematic investment plan: $2,500 minimum for initial and $50 minimum for subsequent monthly purchases.

Investors who obtained their Class C shares through certain reorganizations are not subject to the minimum investment requirements for Class C shares. See the SAI for additional information.

138

Shareholder Guide

Class C2 Shares

NYLI MacKay Strategic Muni Allocation Fund and NYLI MacKay Tax Free Bond Fund:

· $1,000 minimum for initial and $50 minimum for subsequent purchases, or

· if through AutoInvest, a monthly systematic investment plan: $500 minimum for initial and $50 minimum for subsequent monthly purchases.

NYLI MacKay California Muni Fund and NYLI MacKay New York Muni Fund:

· $2,500 minimum for initial and $50 minimum for subsequent purchases of any of these New York Life Investments Group of Funds, or

· if through AutoInvest, a monthly systematic investment plan: $2,500 minimum for initial and $50 minimum for subsequent monthly purchases.

Class I Shares

· Individual Investors—$1 million minimum for initial purchases of any single New York Life Investments Fund and no minimum for subsequent purchases of any other New York Life Investments Fund; and

· Institutional Investors, the New York Life Investments Group of Funds' existing and retired Trustees and Officers, current Portfolio Managers of the New York Life Investments Group of Funds and employees of Subadvisors—no minimums for initial and subsequent purchases of any New York Life Investments Fund.

Please note that Class I shares may not be available for initial or subsequent purchases through certain financial intermediary firms, investment platforms or in certain types of investment accounts. See the SAI for additional information.

Investors who obtained their Class I shares through certain reorganizations are not subject to the minimum investment requirements for Class I shares. See the SAI for additional information.

Class P Shares

NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund:

· If you are eligible to invest in Class P shares, $5,000,000 minimum for initial and no minimum for subsequent purchases.

Please note that Class P shares may not be available for initial or subsequent purchases through certain financial intermediary firms, investment platforms or in certain types of investment accounts. See the SAI for additional information.

Class R1, Class R2, Class R3 and Class R6 Shares

If you are eligible to invest in Class R1, Class R2, Class R3 or Class R6 shares of the New York Life Investments Group of Funds, there are no minimums for initial and subsequent purchases.

Class Z Shares

NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund and NYLI MacKay Utah Muni Fund:

· $1,000 minimum for initial and no minimum for subsequent purchases.

· Please note that Class Z shares are only available for purchase by existing holders of Class Z shares.

SIMPLE Class Shares

All New York Life Investments Group of Funds except NYLI Money Market Fund, New York Life Investments Asset Allocation Funds and New York Life Investments ETF Asset Allocation Funds:

· $1,000 minimum for initial and no minimum for subsequent purchases of any of these New York Life Investments Group of Funds.

NYLI Money Market Fund, New York Life Investments Asset Allocation Funds and New York Life Investments ETF Asset Allocation Funds:

· There are no minimums for initial and subsequent purchases of any of these New York Life Investments Group of Funds.

139

Shareholder Guide

INFORMATION ON SALES CHARGES

The New York Life Investments Group of Funds makes available (free of charge) information regarding sales charges at newyorklifeinvestments.com/salescharges.

Investor Class, Class A, Class A2 and Class Z Shares

The initial sales charge you pay when you buy Investor Class, Class A, Class A2 or Class Z shares differs depending upon the New York Life Investments Fund you choose and the amount you invest, as indicated in the following tables. The sales charge may be reduced or eliminated for larger purchases, as described below, or as described under "Sales Charge Reductions and Waivers" or for shares purchased or accounts held through particular financial intermediaries as set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. Any applicable sales charge will be deducted directly from your investment. All or a portion of the sales charge may be retained by the Distributor or paid to your financial intermediary firm as a concession. Investor Class shares and Class A shares of NYLI Money Market Fund are not subject to a sales charge.

NYLI Candriam Emerging Markets Equity Fund, NYLI CBRE Global Infrastructure Fund, NYLI CBRE Real Estate Fund, NYLI Cushing MLP Premier Fund, NYLI Epoch Capital Growth Fund, NYLI Epoch Global Equity Yield Fund, NYLI Epoch International Choice Fund, NYLI Epoch U.S. Equity Yield Fund, NYLI Fiera SMID Growth Fund, NYLI MacKay Convertible Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund, NYLI PineStone U.S. Equity Fund, NYLI Winslow Large Cap Growth Fund, NYLI WMC Enduring Capital Fund, NYLI WMC Growth Fund, NYLI WMC International Research Equity Fund, NYLI WMC Small Companies Fund and NYLI WMC Value Fund

Class A Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $50,000	5.50%		5.82%		4.75%
$50,000 to $99,999	4.50%		4.71%		4.00%
$100,000 to $249,999	3.50%		3.63%		3.00%
$250,000 to $499,999	2.50%		2.56%		2.00%
$500,000 to $999,999	2.00%		2.04%		1.75%
$1,000,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

2. No sales charge applies on investments of $1 million or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.

Investor Class Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $50,000	5.00%		5.26%		4.25%
$50,000 to $99,999	4.00%		4.17%		3.50%
$100,000 to $249,999	3.00%		3.09%		2.50%
$250,000 to $499,999	2.00%		2.04%		1.50%
$500,000 to $999,999	1.50%		1.52%		1.25%
$1,000,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

140

Shareholder Guide

NYLI S&P 500 Index Fund

Class A Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $50,000	1.50%		1.52%		1.25%
$50,000 to $99,999	1.25%		1.27%		1.00%
$100,000 to $249,999	1.00%		1.01%		0.75%
$250,000 to $499,999	0.75%		0.76%		0.50%
$500,000 to $999,999	0.50%		0.50%		0.25%
$1,000,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

Investor Class Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $50,000	1.00%		1.01%		0.75%
$50,000 to $99,999	0.75%		0.76%		0.50%
$100,000 to $249,999	0.50%		0.50%		0.35%
$250,000 to $499,999	0.25%		0.25%		0.25%
$500,000 to $999,999	0.15%		0.15%		0.15%
$1,000,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

141

Shareholder Guide

NYLI Candriam Emerging Markets Debt Fund, NYLI MacKay High Yield Corporate Bond Fund, NYLI MacKay Strategic Bond Fund and NYLI MacKay Total Return Bond Fund

Class A Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $100,000	4.50%		4.71%		4.00%
$100,000 to $249,999	3.50%		3.63%		3.00%
$250,000 to $499,999	2.50%		2.56%		2.00%
$500,000 to $999,999	2.00%		2.04%		1.75%
$1,000,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

Investor Class Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $100,000	4.00%		4.17%		3.50%
$100,000 to $249,999	3.00%		3.09%		2.50%
$250,000 to $499,999	2.00%		2.04%		1.50%
$500,000 to $999,999	1.50%		1.52%		1.25%
$1,000,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

NYLI Balanced Fund, NYLI Conservative Allocation Fund, NYLI Conservative ETF Allocation Fund, NYLI Equity Allocation Fund, NYLI Equity ETF Allocation Fund, NYLI Floating Rate Fund, NYLI Growth Allocation Fund, NYLI Growth ETF Allocation Fund, NYLI Income Builder Fund, NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Duration High Income Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI MacKay Utah Muni Fund, NYLI Moderate Allocation Fund and NYLI Moderate ETF Allocation Fund

Class A Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $100,000	3.00%		3.09%		2.75%
$100,000 to $249,999	2.00%		2.04%		1.75%
$250,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 1.00% (0.50% for each New York Life Investments ETF Asset Allocation Fund) may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.

142

Shareholder Guide

Investor Class Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $100,000	2.50%		2.56%		2.25%
$100,000 to $249,999	1.50%		1.52%		1.25%
$250,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 1.00% may be imposed, however, on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.

NYLI Short Term Bond Fund and NYLI MacKay Short Term Muni Fund

Class A Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $250,000	1.00%		1.01%		1.00%
$250,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

2. No sales charge applies on investments of $250,000 or more. A contingent deferred sales charge of 0.50% may be imposed, however, on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge. The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.

Class A2 Shares (NYLI MacKay Short Term Muni Fund only)


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $250,000	2.00%		2.04%		1.75%
$250,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

Investor Class Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $250,000	0.50%		0.50%		0.50%
$250,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

NYLI MacKay Arizona Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund and NYLI MacKay Utah Muni Fund

Class Z Shares


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
Less than $50,000	3.00%		3.09%		2.75%
$50,000 to $99,999	2.50%		2.56%		2.25%

143

Shareholder Guide


Purchase amount		Sales charges as a percentage of¹				Typical dealer concession as a % of offering price
		Offering price		Net investment
$100,000 to $249,999	2.00%		2.04%		1.75%
$250,000 or more²	None		None		None

1. The sales charge you pay may differ slightly from the amounts listed here due to rounding calculations.

2. No sales charge applies on investments of $250,000 or more.

Sales charges that are specific to customers of a specific intermediary are set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts.

Class C Shares

Class C shares are sold without an initial sales charge. However, if Class C shares are redeemed within one year of purchase, a CDSC of 1.00% will be deducted from the redemption proceeds, except under circumstances described below. Additionally, Class C shares have higher ongoing distribution and/or service (12b-1) fees than other share classes (except Class C2 shares) and, over time, these fees may cost you more than paying an initial sales charge. The Class C share CDSC and the higher ongoing distribution and/or service (12b-1) fees are paid to compensate the Distributor for its expenses in connection with the sale of Class C shares. Class C shares of NYLI Money Market Fund are not subject to a sales charge.

Class C2 Shares

Class C2 shares are sold without an initial sales charge. However, if Class C2 shares are redeemed within one year of purchase, a CDSC of 1.00% will be deducted from the redemption proceeds, except under circumstances described below. Additionally, for certain Funds, Class C2 shares have higher ongoing distribution and/or service (12b-1) fees than other share classes and, over time, these fees may cost you more than paying an initial sales charge. The Class C2 share CDSC and the higher ongoing distribution and/or service (12b-1) fees are paid to compensate the Distributor for its expenses in connection with the sale of Class C2 shares.

Computing Contingent Deferred Sales Charge on Class C and Class C2 Shares

Subject to certain exceptions, a CDSC will be imposed on redemptions of Class C or Class C2 shares of a New York Life Investments Fund, at the rates previously described, at the time of any redemption by a shareholder that reduces the current value of the shareholder's Class C or Class C2 share account to an amount that is lower than the amount of all payments by the shareholder for the purchase of Class C or Class C2 shares during the preceding year (18 months with respect to Class C shares of NYLI MacKay Short Duration High Income Fund purchased prior to August 6, 2024). The CDSC is calculated based on the lesser of the offering price or the market value of the shares being sold. The New York Life Investments Group of Funds first redeems the shares that have no sales charges (shares representing the amount of any appreciation on the original value of your shares, fully aged shares, and any shares received through the reinvestment of dividends and capital gains) and then the shares you have held longest.

For example, no CDSC will be imposed to the extent that the NAV of the Class C or Class C2 shares redeemed does not exceed:

· the current aggregate NAV of Class C or Class C2 shares of the New York Life Investments Fund purchased more than one year (18 months with respect to Class C shares of NYLI MacKay Short Duration High Income Fund purchased prior to August 6, 2024) prior to the redemption for Class C or Class C2 shares; plus

· the current aggregate NAV of Class C or Class C2 shares of the New York Life Investments Fund purchased through reinvestment of dividends or capital gain distributions; plus

· increases in the NAV of the investor's Class C or Class C2 shares of the New York Life Investments Fund above the total amount of payments for the purchase of Class C or Class C2 shares of the New York Life Investments Fund (18 months with respect to Class C shares of NYLI MacKay Short Duration High Income Fund purchased prior to August 6, 2024) for Class C or Class C2 shares.

There are exceptions, which are described below.

Further information regarding sales charges is available in the SAI.

SALES CHARGE REDUCTIONS AND WAIVERS

The New York Life Investments Group of Funds makes available (free of charge) information regarding sales charge reductions and waivers on our website at newyorklifeinvestments.com/salescharges.

Reducing the Initial Sales Charge on Investor Class, Class A, Class A2 and Class Z Shares

You may be eligible to buy Investor Class, Class A, Class A2 and Class Z shares of the New York Life Investments Group of Funds at one of the reduced sales charge rates shown in the tables above through a Right of Accumulation or a Letter of Intent, as briefly described below. You may also be eligible for a waiver of the initial sales charge as set forth below or in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts. Each New York Life Investments Fund reserves the right to modify or eliminate these programs at any

144

Shareholder Guide

time. However, please note the Right of Accumulation or Letter of Intent may only be used to reduce sales charges and may not be used to satisfy investment minimums or to avoid the automatic conversion feature of Investor Class shares.

· Right of Accumulation

A Right of Accumulation allows you to reduce the initial sales charge as shown in the tables above by combining the amount of your current purchase with the current market value of investments made by you, your spouse, and your children under age 21 in Investor Class, Class A, Class A2, Class C, Class C2, Class Z or SIMPLE Class shares of most New York Life Investments Group of Funds. You may not include investments of previously non-commissioned shares in the NYLI Money Market Fund, investments in Class I shares, or your interests in any New York Life Investments Fund held through a 401(k) plan or other employee benefit plan. For example, if you currently own $45,000 worth of Class C shares of a New York Life Investments Fund, your spouse owns $50,000 worth of Class A shares of another New York Life Investments Fund, and you wish to invest $15,000 in a New York Life Investments Fund, using your Right of Accumulation you can invest that $15,000 in Investor Class or Class A shares and pay the reduced sales charge rate normally applicable to a $110,000 investment. For more information, please see the SAI.

· Letter of Intent

Whereas the Right of Accumulation allows you to use prior investments to reach a reduced initial sales charge, a Letter of Intent allows you to qualify for a discount by combining your current purchase amount with purchases you, your spouse or children under age 21 intend to make in the near future. A Letter of Intent is a written statement of your intention to purchase Investor Class, Class A, Class A2, Class C, Class C2, Class Z or SIMPLE Class shares of one or more New York Life Investments Group of Funds (excluding investments of non-commissioned shares in the NYLI Money Market Fund) over a 24-month period. The total amount of your intended purchases will determine the reduced sales charge rate that will apply to Investor Class, Class A, Class A2 or Class Z shares of the New York Life Investments Group of Funds purchased during that period. You can also apply a Right of Accumulation to these purchases.

Your Letter of Intent goal must be at least $100,000. Submitting a Letter of Intent does not obligate you to purchase the specified amount of shares. If you do not meet your intended purchase goal, the initial sales charge that you paid on your purchases will be recalculated to reflect the actual value of shares purchased. A certain portion of your shares will be held in escrow by the Transfer Agent for this purpose. For more information, please see the SAI.

· Your Responsibility

To receive the reduced sales charge, you must inform the Transfer Agent of your eligibility and holdings at the time of your purchase if you are buying shares directly from the New York Life Investments Group of Funds. If you are buying New York Life Investments Fund shares through a financial intermediary firm, you must tell your financial adviser of your eligibility for a Right of Accumulation or a Letter of Intent at the time of your purchase.

To combine shares of eligible New York Life Investments Group of Funds held in accounts at other intermediaries under your Right of Accumulation or a Letter of Intent, you may be required to provide the Transfer Agent or your financial adviser a copy of each account statement showing your current holdings of each eligible New York Life Investments Fund, including statements for accounts held by you, your spouse or your children under age 21, as described above. The Transfer Agent or intermediary through which you are buying shares will combine the value of all your eligible New York Life Investments Fund holdings based on the current NAV per share to determine what Investor Class, Class A or Class A2 sales charge rate you may qualify for on your current purchase. If you do not inform the Transfer Agent or your financial adviser of all of your New York Life Investments Fund holdings or planned New York Life Investments Fund purchases that make you eligible for a sales charge reduction or do not provide requested documentation, you may not receive the discount to which you are otherwise entitled.

"Spouse," with respect to a Right of Accumulation and Letter of Intent, is defined as the person to whom you are legally married. We also consider your spouse to include one of the following: (i) an individual of the same gender with whom you have been joined in a civil union or legal contract similar to marriage; (ii) a domestic partner, who is an individual (including one of the same gender) to whom you are not related by blood and with whom you have shared a primary residence for at least six months in a relationship as a couple where you, your domestic partner or both of you provide for the personal or financial welfare of the other without a fee; or (iii) an individual with whom you have a common law marriage, which is a marriage in a state where such marriages are recognized between a man and a woman arising from the fact that the two live together and hold themselves out as being married.

Purchases at Net Asset Value

A Fund's Class A or Class A2 shares may be purchased at NAV, without payment of any sales charge, by its current and former Trustees; New York Life and its subsidiaries and their employees, officers, directors, or agents or former employees (and immediate family members); individuals and other types of accounts purchasing through "wrap fee" or other programs sponsored by a financial intermediary firm; employees (and immediate family members) of the Subadvisors; any employee or registered representative of a financial intermediary firm (and immediate family members) and any employee of SS&C GIDS, Inc. that is assigned to the Fund. Individuals and other types of accounts may purchase Class A2 shares at NAV, without payment of any sales charge, if exchanged for Class A shares of the same fund through a financial intermediary's share class conversion program. Class A shares, Class A2 shares or

145

Shareholder Guide

Investor Class shares may be purchased without an initial sales load by qualified tuition programs operating under Section 529 of the Internal Revenue Code.

There is no sales charge on shares purchased through the automatic reinvestment of dividends or capital gains.

Class A shares of the New York Life Investments Group of Funds also may be purchased at NAV, without payment of any sales charge, by shareholders:

(i) who owned Service Class shares of a series of Eclipse Trust (the predecessor trust for certain Funds) or certain series of New York Life Investments Group of Funds Trust, as of December 31, 2003, and who are invested directly with and have maintained their account with the Fund; and

(ii) who owned Class P shares of certain Epoch Funds as of the closing date of their reorganization and who are invested directly with and have maintained their account with the Funds.

Purchases Through Financial Intermediaries

The New York Life Investments Group of Funds has authorized financial intermediary firms (such as a broker/dealers, financial advisers or financial institutions), and other intermediaries that the firms may designate, to accept orders. When an authorized firm or its designee has received your order, together with the purchase price of the shares, it is considered received by the New York Life Investments Group of Funds and will be priced at the next computed NAV. Financial intermediary firms may charge transaction fees or other fees and may modify other features such as minimum investment amounts, share class eligibility and exchange privileges.

Please read your financial intermediary firm’s program materials for any special provisions or additional service features that may apply to investing in the New York Life Investments Group of Funds through the firm.

The availability of initial sales charge waivers (and discounts) may depend on the particular financial intermediary or type of account through which you purchase New York Life Investments Fund shares. The New York Life Investments Group of Funds’ initial sales charge waivers disclosed in this Prospectus and the SAI are available through financial intermediaries. The initial sales charge waivers available only to customers of certain other financial intermediaries are set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts to this Prospectus. For these customers, the sales charge waivers offered by the New York Life Investments Group of Funds may not be available for transactions through the intermediary. Please contact your financial intermediary regarding the availability of applicable sales charge waivers and information regarding the intermediary’s related policies and procedures.

Contingent Deferred Sales Charge on Certain Investor Class, Class A and Class A2 Share Redemptions

For purchases of Class A and Investor Class shares of each New York Life Investments Fund (except NYLI MacKay Short Term Muni Fund and NYLI Short Term Bond Fund), a CDSC of 1.00% (0.50% for the New York Life Investments ETF Asset Allocation Funds) may be imposed on redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For purchases of Class A, Class A2 and Investor Class shares of NYLI MacKay Short Term Muni Fund and Class A and Investor Class shares of NYLI Short Term Bond Fund, a CDSC of 0.50% may be imposed on redemptions made within 12 months of the date of purchase on shares that were purchased without an initial sales charge.

The Distributor may pay a commission to financial intermediary firms on these purchases from its own resources. See "Sales Charge Reductions and Waivers - Waivers of Contingent Deferred Sales Charges" below.

Waivers of Contingent Deferred Sales Charges

A CDSC may not be imposed on redemptions of Class A, Class A2 and Investor Class shares purchased at NAV through financial intermediaries or by persons that are affiliated with New York Life or its affiliates. Any applicable CDSC on Class A, Class A2 and Investor Class shares may be waived for redemptions made through a financial intermediary firm that has waived its finder’s fee or other similar compensation.

In addition, the CDSC on subject Class A, Class A2, Investor Class, Class C or Class C2 shares may be waived for: (i) withdrawals from qualified retirement plans and nonqualified deferred compensation plans resulting from separation of service, loans, hardship withdrawals, Qualified Domestic Relations Orders ("QDROs") and required excess contribution returns pursuant to applicable IRS rules; and Required Minimum Distributions (based on New York Life Investments holdings only) for IRA and 403(b)(7) TSA participants in the year following the year in which such participant attains age 73. However, different rules relating to mandatory distributions apply to individuals who attained age 70 1/2 before 2020; (ii) withdrawals related to the termination of a retirement plan where no successor plan has been established; (iii) transfers within a retirement plan where the proceeds of the redemption are invested in any guaranteed investment contract written by New York Life or any of its affiliates, transfers to products offered within a retirement plan which uses NYLIM Service Company or an affiliate as the recordkeeper; as well as participant transfers or rollovers from a retirement plan to a New York Life Investments IRA; (iv) required distributions by charitable trusts under Section 664 of the Internal Revenue Code for accounts held directly with a New York Life Investments Fund; (v) redemptions following the death of the shareholder or the beneficiary of a living revocable trust or within one year (18 months with respect to Class A, Investor Class and Class C shares of the NYLI MacKay Short Duration High Income Fund) following the disability of a shareholder occurring subsequent to the purchase of shares; (vi) redemptions under the Systematic Withdrawal Plan for accounts held directly with the Fund used to pay scheduled monthly premiums on insurance

146

Shareholder Guide

policies issued by New York Life or an affiliate; (vii) continuing, periodic systematic withdrawals within one year of the date of the initial purchase, under the Systematic Withdrawal Plan, up to an annual total of 10% of the value of a shareholder's Class A, Class A2, Investor Class, Class C or Class C2 shares in a Fund; (viii) redemptions by New York Life or any of its affiliates or by accounts managed by New York Life or any of its affiliates; (ix) redemptions effected by registered investment companies by virtue of transactions with a Fund; and (x) redemptions by shareholders of shares purchased with the proceeds of a settlement payment made in connection with the liquidation and dissolution of a limited partnership sponsored by New York Life or one of its affiliates.

The availability of contingent deferred sales charge waivers may depend on the particular financial intermediary or type of account through which you purchase or hold New York Life Investments Fund shares. The New York Life Investments Group of Funds’ contingent deferred sales charge waivers disclosed in this Prospectus and the SAI are available for direct accounts and through financial intermediaries. The contingent deferred sales charge waivers available through certain other financial intermediaries are set forth in Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts to this Prospectus. Please contact your financial intermediary regarding applicable sales charge waivers and information regarding the intermediary’s related policies and procedures.

For information about these considerations, call your financial adviser or the Transfer Agent toll free at 800-624-6782; see our website at newyorklifeinvestments.com/salescharges; and read the information under "Reduced Sales Charges on Class A, Class A2 and Investor Class Shares—Contingent Deferred Sales Charge, Class A, Class A2 and Investor Class Shares" in the SAI.

INFORMATION ON FEES

Rule 12b-1 Plans

Each New York Life Investments Fund (except the NYLI Money Market Fund) has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act for certain classes of shares pursuant to which distribution and/or service (12b-1) fees are paid to the Distributor. Rule 12b-1 fees are calculated and accrued daily and paid monthly. The Investor Class, Class A, Class A2 and Class R2 12b-1 plans provide for payment for distribution and/or service activities of up to 0.25% of the average daily net assets of the respective class. The Class C 12b-1 plan provides for payment of 0.75% for distribution (0.25% for NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund) and 0.25% for service activities for a total 12b-1 fee of up to 1.00% of the average daily net assets of Class C shares (0.50% for NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund). The Class C2 12b-1 plan provides for payment of 0.40% for distribution and 0.25% for service activities for a total 12b-1 fee of up to 0.65% of the average daily net assets of Class C2 shares. The Class Z 12b-1 plan provides for payment for distribution and/or service activities of up to 0.20% of the average daily net assets of Class Z shares. The Class R3 and SIMPLE Class 12b-1 plans each provide for payment of 0.25% for distribution and/or 0.25% for service activities for a total 12b-1 fee of up to 0.50% of the average daily net assets of Class R3 and SIMPLE Class shares, respectively. The distribution activities paid for by this distribution fee are those activities that are primarily intended to result in the sale of New York Life Investments Fund shares. The service activities paid for by this service fee are personal shareholder services and maintenance of shareholder accounts. With respect to Class R2 and Class R3 shares, the portion of the 12b-1 fee dedicated to service activities is in addition to the 0.10% of annual net assets paid under the Class R2 and Class R3 Shareholder Services Plans, as discussed in the section entitled "Shareholder Services Plans." The Distributor may pay all or a portion of the 12b-1 fee to your investment professional. Because 12b-1 fees are ongoing, over time they will increase the cost of an investment in the New York Life Investments Fund and may cost more than certain types of sales charges.

Shareholder Services Plans

Each New York Life Investments Fund that offers Class R1, Class R2 or Class R3 shares has adopted a Shareholder Services Plan with respect to those classes. Under the terms of the Shareholder Services Plans, each New York Life Investments Fund's Class R1, Class R2 or Class R3 shares pay New York Life Investments, its affiliates or independent third-party service providers, as compensation for services rendered to the shareholders of the Class R1, Class R2 or Class R3 shares, a shareholder service fee at the rate of 0.10% on an annualized basis of the average daily net assets of Class R1, Class R2 or Class R3 shares of such New York Life Investments Fund.

Pursuant to the Shareholder Services Plans, each New York Life Investments Fund's Class R1, Class R2 or Class R3 shares may pay for shareholder services or account maintenance services, including assistance in establishing and maintaining shareholder accounts, processing purchase and redemption orders, communicating periodically with shareholders and assisting shareholders who have questions or other needs relating to their account. Because service fees are ongoing, over time they will increase the cost of an investment in the New York Life Investments Fund and may cost more than certain types of sales charges. With respect to the Class R2 and R3 shares, these services and fees are in addition to those services and fees that may be provided under the Class R2 or Class R3 12b-1 plan.

147

Shareholder Guide

Small Account Fee

Several of the New York Life Investments Group of Funds have a relatively large number of shareholders with small account balances. Small accounts increase the transfer agency expenses borne by the Funds. In an effort to reduce total transfer agency expenses, the New York Life Investments Group of Funds (except the New York Life Investments ETF Asset Allocation Funds) has implemented a small account fee. Each shareholder with an account balance of less than $1,000 ($5,000 for Class A share accounts) will be charged an annual per account fee of $20 (assessed semi-annually, as discussed below). The fee may be deducted directly from your account balance. This small account fee will not apply to certain types of accounts including:

· accounts held by employees of New York Life and its subsidiaries and their employees, officers, directors or agents or former employees (and immediate family members);

· Class I share, Class R1 share, Class R2 share, Class R3 share, Class R6 share and Class P share accounts, retirement plan services bundled accounts and investment-only retirement accounts;

· accounts with active AutoInvest plans where the New York Life Investments Group of Funds deducts funds directly from the client's checking or savings account;

· New York Life Investments SIMPLE IRA Plan Accounts and SEP IRA Accounts that have been funded/established for less than 1 year;

· certain 403(b)(7) accounts;

· accounts serviced by unaffiliated financial intermediary firms or third-party administrators (other than New York Life Investments SIMPLE IRA Plan Accounts);

· certain Investor Class accounts where the small account balance is due solely to the conversion from Class C or Class C2 shares; and

· Investors who obtained their Class A shares through certain reorganizations.

This small account fee will be deducted in $10 increments on or about March 1st and September 1st of each year. For accounts with balances of less than $10, the remaining balance will be deducted and the account will be closed. The New York Life Investments Group of Funds may, from time to time, consider and implement additional measures to increase the average shareholder account size and/or otherwise reduce the cost of transfer agency services. Please contact the New York Life Investments Group of Funds by calling toll-free 800-624-6782 for more information.

COMPENSATION TO FINANCIAL INTERMEDIARY FIRMS

Financial intermediary firms and their associated financial advisers are paid in different ways for the services they provide to the New York Life Investments Group of Funds and shareholders. Such compensation may vary depending upon the financial intermediary firm, the New York Life Investments Fund sold, the amount invested, the share class sold, the amount of time that shares are held and/or the services provided by the particular financial intermediary firm.

The Distributor will pay sales concessions to financial intermediary firms, as described in the tables under “Information on Sales Charges” above, on the purchase price of Investor Class, Class A, Class A2 or Class Z shares sold subject to a sales charge. The Distributor retains the difference, if any, between the sales charge that you pay and the portion that it pays to financial intermediary firms as a sales concession. The Distributor and/or an affiliate, from its/their own resources, also may pay a finder’s fee or other compensation up to 1.00% of the purchase price of Investor Class, Class A, Class A2 or Class Z shares, sold at NAV, to financial intermediary firms at the time of sale. The Distributor may pay a sales concession of up to 1.00% on purchases of Class C or Class C2 shares to financial intermediary firms at the time of sale.

For share classes that have adopted a 12b-1 plan, the Distributor will also pay, pursuant to the 12b-1 plan, distribution-related and other service fees to qualified financial intermediary firms for providing certain services.

In addition to the payments described above, the Distributor and/or an affiliate will pay from its/their own resources additional fees to certain financial intermediary firms, including an affiliated broker/dealer, in connection with the sale of any class of New York Life Investments Fund shares (other than Class R6) and/or shareholder or account servicing arrangements. The amount paid to financial intermediary firms pursuant to these sales and/or servicing fee arrangements varies and may involve payments of up to 0.25% on new sales and/or up to 0.35% annually on assets held or fixed dollar amounts according to the terms of the agreement between the Distributor and/or its affiliate and the financial intermediary. The Distributor or an affiliate may make these payments based on factors including, but not limited to, the distribution potential of the financial intermediary, the types of products and programs offered by the financial intermediary, the level and/or type of marketing and administrative support provided by the financial intermediary, the level of assets attributable to and/or sales by the financial intermediary and the quality of the overall relationship with the financial intermediary. Such payments may qualify a New York Life Investments Fund for preferred status with the financial intermediary receiving the payments or provide the representatives of the Distributor with access to representatives of the financial intermediary’s sales force, in some cases on a preferential basis over the mutual funds and/or representatives of the Funds’ competitors.

148

Shareholder Guide

The Distributor, from its own resources or from those of an affiliate, also may reimburse financial intermediary firms in connection with their marketing activities supporting the New York Life Investments Group of Funds. To the extent permitted under applicable SEC and Financial Industry Regulatory Authority (“FINRA”) rules and other applicable laws and regulations, the Distributor or an affiliate may sponsor training or informational meetings or provide other non-monetary benefits for financial intermediary firms and their associated financial advisers and may make other payments or allow other promotional incentives or payments to financial intermediaries.

Wholesaler representatives of the Distributor communicate with financial intermediary firms on a regular basis to educate their financial advisers about the New York Life Investments Group of Funds and to encourage the advisers to recommend the purchase of New York Life Investments Fund shares to their clients. The Distributor, from its own resources or from those of an affiliate, may absorb the costs and expenses associated with the marketing efforts of these firms and financial advisers, which may include travel, lodging, sponsorship at educational seminars and conferences, entertainment and meals to the extent permitted by law and FINRA rules. The Distributor, from its own resources or from those of an affiliate, provides compensation to its wholesaler representatives for their sales efforts in promoting sales of the New York Life Investments Group of Funds, which may vary based on the New York Life Investments Group of Funds being promoted and/or which financial intermediary firms and/or financial advisers are involved in selling New York Life Investments Fund shares or are listed on New York Life Investments Fund accounts.

To the extent that financial intermediaries receiving payments from the Distributor or an affiliate sell more shares of the New York Life Investments Group of Funds or retain more shares of the New York Life Investments Group of Funds for their clients’ accounts, New York Life Investments and its affiliates benefit from the incremental management and other fees they receive with respect to those assets.

In addition to the payments described above, NYLIM Service Company or an affiliate may make payments to financial intermediary firms that provide sub-transfer agency and other administrative services in addition to supporting distribution of the New York Life Investments Group of Funds. NYLIM Service Company uses a portion of the transfer agent fees it receives from the New York Life Investments Group of Funds to make these sub-transfer agency and other administrative payments. To the extent that the fee amounts payable by NYLIM Service Company or an affiliate for such sub-transfer agency and other administrative services exceed the corresponding transfer agent fees that the New York Life Investments Group of Funds pays to NYLIM Service Company, then NYLIM Service Company or an affiliate will pay the difference from its own resources. In connection with these arrangements, NYLIM Service Company may retain a portion of the fees for the sub-transfer agency oversight, support and administrative services it provides.

For Class R6 shares, no compensation, administrative payments, sub-transfer agency payments or service payments are paid to financial intermediary firms from New York Life Investments Fund assets or the Distributor’s or an affiliate’s resources. The Distributor or an affiliate may pay de minimis amounts to intermediaries for setup, connectivity or other technological expenses. Class R6 shares do not provide for the payment of sales charges, Rule 12b-1 fees, or other compensation to financial intermediaries for their efforts in assisting in the sale of, or in selling the New York Life Investments Fund’s shares.

Although financial firms that sell New York Life Investments Fund shares may execute brokerage transactions for a New York Life Investments Fund’s portfolio, the New York Life Investments Group of Funds, New York Life Investments and the Subadvisors do not consider the sale of New York Life Investments Fund shares as a factor when choosing financial firms to effect portfolio transactions for the New York Life Investments Group of Funds.

The types and amounts of payments described above can be significant to the financial intermediary. Payments made from the Distributor’s or an affiliate’s resources do not increase the price or decrease the amount or value of the shares you purchase. However, if investment advisers, distributors or affiliates of mutual funds make such payments in differing amounts, financial intermediary firms and their financial advisers may have financial incentives and be subject to conflicts of interest for recommending a particular mutual fund or a particular share class of that fund over other mutual funds. For example, payments made by the Distributor or an affiliate, as described above, may be used by the financial intermediary firm to reduce or eliminate transaction charges associated with purchases of New York Life Investments Fund shares. Payments made from the Distributor’s or an affiliate’s own resources are not reflected in tables in the “Fees and Expenses of the Fund” sections of the New York Life Investments Group of Funds’ Prospectuses because the payments are not made by the New York Life Investments Group of Funds.

For more information regarding the types of compensation described above, see the SAI or consult with your financial intermediary firm or financial adviser. You should also review carefully any disclosure by your financial intermediary firm as to compensation received by that firm and/or your financial adviser.

BUYING, SELLING, CONVERTING AND EXCHANGING NEW YORK LIFE INVESTMENTS FUND SHARES
HOW TO OPEN YOUR ACCOUNT

Investor Class, Class A or Class C Shares

Return your completed New York Life Investments Group of Funds application in good order with a check payable to the New York Life Investments Group of Funds for the amount of your investment to your financial adviser or directly to New York Life Investments Group of Funds, P.O. Box 219003, Kansas City, Missouri 64121-9000. Alternatively, you may choose to have your initial deposit processed via

149

Shareholder Guide

ACH from your bank account. You can do this by selecting the initial deposit via ACH option and submitting bank information on your application. Please note that if you select Class A shares on your application and you are not eligible to invest in Class A shares, we will treat your application as being in good order but will invest you in Investor Class shares of the same New York Life Investments Fund provided Investor Class shares are available through your intermediary if you are not purchasing shares directly from the New York Life Investments Group of Funds. Similarly, if you select Investor Class shares and you are eligible to invest in Class A shares we will treat your application as being in good order, but will invest you in Class A shares of the same New York Life Investments Fund.

Good order means all the necessary information, signatures and documentation have been fully completed. With respect to a redemption request, good order generally means that a letter must be signed by the record owner(s) exactly as the shares are registered, and a Medallion Signature Guarantee may be required. See “Medallion Signature Guarantees” below. In cases where a redemption is requested by a corporation, partnership, trust, fiduciary or any other person other than the record owner, written evidence of authority acceptable to NYLIM Service Company must be submitted before the redemption request will be processed.

Class A2 Shares

Class A2 shares are available only through certain financial intermediary firms. The financial intermediary firm will assist you with opening an account.

Class I, Class R1, Class R2, Class R3, Class R6 and SIMPLE Class Shares

If you are participating in a company savings plan, such as a 401(k) plan, profit sharing plan, defined benefit plan, Keogh or other employee-directed plan, your company will provide you with the information you need to open an account and buy or sell Class I, Class R1, Class R2, Class R3, Class R6 or SIMPLE Class shares of the New York Life Investments Group of Funds.

If you are investing through a financial intermediary firm, the financial intermediary firm will assist you with opening an account.

Class C2 Shares

Class C2 shares are available only through certain financial intermediary firms. The financial intermediary firm will assist you with opening an account.

Class P Shares

Return your completed New York Life Investments Group of Funds application in good order with a check payable to the New York Life Investments Group of Funds for the amount of your investment directly to New York Life Investments Group of Funds, P.O. Box 219003, Kansas City, Missouri 64121-9000. Alternatively, you may choose to have your initial deposit processed via ACH from your bank account. You can do this by selecting the initial deposit via ACH option and submitting bank information on your application.

All Classes

You buy shares at NAV (plus, for Investor Class, Class A, Class A2 and Class Z shares, any applicable front-end sales charge). NAV is generally calculated by each New York Life Investments Fund as of the Fund’s close (usually 4:00 pm Eastern time) on the Exchange every day the Exchange is open. The New York Life Investments Group of Funds does not usually calculate its NAVs on days when the Exchange is scheduled to be closed. When you buy shares, you must pay the NAV next calculated after we receive your purchase request in good order. Alternatively, the New York Life Investments Group of Funds has arrangements with certain financial intermediary firms whereby purchase requests through these entities are considered received in good order when received by the financial intermediary firm together with the purchase price of the shares ordered. The order will then be priced at a New York Life Investments Fund's NAV next computed after receipt in good order of the purchase request by these entities. Such financial intermediary firms are responsible for timely and accurately transmitting the purchase request to the New York Life Investments Group of Funds.

If the Exchange is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or the Exchange has an unscheduled early closing on a day it has opened for business, each New York Life Investments Fund reserves the right to treat such day as a business day and accept purchase and redemption orders until, and calculate its NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as New York Life Investments believes there generally remains an adequate market to obtain reliable and accurate market quotations. On any business day when the Securities Industry and Financial Markets Association recommends that the bond markets close trading early, each New York Life Investments Fund reserves the right to close at such earlier closing time, and therefore accept purchase and redemption orders until, and calculate a Fund’s NAV as of, such earlier closing time.

When you open your account, you may also want to choose certain buying and selling options, including transactions by wire. In most cases, these choices can be made later in writing, but it may be quicker and more convenient to decide on them when you open your account. Please note that your bank may charge a fee for wire transfers.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens a new account and to determine whether such person's name appears on government lists of known or suspected terrorists and terrorist organizations. As a result, the New York Life

150

Shareholder Guide

Investments Group of Funds, or your financial adviser on their behalf, must obtain the following information for each person who opens a new account:

· Name;

· Date of birth (for individuals);

· Residential or business street address (although post office boxes are still permitted for mailing); and

· Social security number or taxpayer identification number.

You may also be asked for a copy of your driver's license, passport or other identifying document in order to verify your identity. In addition, it may be necessary to verify your identity by cross-referencing your identification information with a consumer report or other electronic database. Additional information may be required to open accounts for corporations and other entities. Certain information regarding beneficial ownership will be verified, including information about the identity of beneficial owners of such entities.

Federal law prohibits the New York Life Investments Group of Funds and other financial institutions from opening a new account unless they receive the minimum identifying information listed above.

After an account is opened, the New York Life Investments Group of Funds may restrict your ability to purchase additional shares until your identity is verified, and, for legal entities, the identities of beneficial owners are verified. The New York Life Investments Group of Funds also may close your account or take other appropriate action if they are unable to verify your identity within a reasonable time. If your account is closed for this reason, your shares will be redeemed at the NAV next calculated after the account is closed, and the New York Life Investments Group of Funds, New York Life Investments and its affiliates and the Board will not be responsible for any loss in your account or tax liability resulting therefrom.

CONVERSIONS BETWEEN SHARE CLASSES

In addition to any automatic conversion features described above in this Shareholder Guide with respect to Investor Class, Class C, Class C2 and SIMPLE Class shares, you generally may also elect on a voluntary basis to convert, for example:

· Investor Class shares into Class A shares, or Investor Class shares that are no longer subject to a CDSC into Class I shares, of the same New York Life Investments Fund, subject to satisfying the eligibility requirements of Class A or Class I shares.

· Class A shares that are no longer subject to a CDSC into Class I shares of the same New York Life Investments Fund, subject to satisfying the eligibility requirements of Class I shares.

· Class C or Class C2 shares that are no longer subject to a CDSC into Class A, Class I or Class Z shares of the same New York Life Investments Fund to facilitate participation in a fee-based advisory program, subject to satisfying the eligibility requirements of Class A, Class I or Class Z shares.

Also, you generally may elect on a voluntary basis to convert your Investor Class, Class A, Class C or Class C2 shares that are no longer subject to a CDSC, or Class I, Class R1, Class R2 or Class R3 shares, into Class R6 shares of the same New York Life Investments Fund, subject to satisfying the eligibility requirements of Class R6 shares.

These limitations do not impact any automatic conversion features described elsewhere in this Shareholder Guide with respect to Investor Class, Class C, Class C2 and SIMPLE Class shares. An investor may directly or through his or her financial intermediary contact the New York Life Investments Group of Funds to request a voluntary conversion between share classes of the same New York Life Investments Fund as described above. You may be required to provide sufficient information to establish eligibility to convert to the new share class. Conversion of any shares of any other class of shares into Class Z shares is not permitted unless the shareholder already owns Class Z shares. All permissible conversions will be made on the basis of the relevant NAVs of the two classes without the imposition of any sales load, fee or other charge. If you fail to remain eligible for the new share class, you may be converted automatically back to your original share class. Although the New York Life Investments Group of Funds expects that a conversion (or intra-New York Life Investments Fund exchange) between share classes of the same New York Life Investments Fund should not result in the recognition of a gain or loss for tax purposes, you should consult with your own tax adviser with respect to the tax treatment of your investment in a New York Life Investments Fund. The New York Life Investments Group of Funds may change, suspend or terminate this conversion feature at any time.

Class C or Class C2 shares held through a financial intermediary in an omnibus account will be converted into Class A shares or Investor Class shares only if the intermediary can document that the shareholder has met the required holding period. In certain circumstances, for example, when shares are invested through retirement plans or omnibus accounts, a financial intermediary may not have transparency into how long a shareholder has held Class C or Class C2 shares for purposes of determining whether such Class C or Class C2 shares are eligible for automatic conversion into Class A shares or Investor Class shares. Thus, the financial intermediary may not have the ability to track purchases to credit individual shareholders’ holding periods. In these circumstances, a Fund may not be able to automatically convert Class C or Class C2 shares into Class A shares or Investor Class shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the shareholder or its financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C or Class C2 shares to Class A shares or Investor Class shares, and

151

Shareholder Guide

the shareholder or their financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C or Class C2 shares. For clients of financial intermediaries, it is the financial intermediary’s responsibility (and not the Funds’) to keep records and to ensure that the shareholder is credited with the proper holding period. Please consult with your financial intermediary about your shares’ eligibility for this conversion feature.

Following a share class conversion (or other similar shareholder transaction event, such as an intra-New York Life Investments Fund exchange), the ongoing fees and expenses of the new share class will differ from and may be higher or lower than those of the share class that you previously held. You should carefully review information in this Prospectus relating to the new share class, including the fees, expenses and features of the new share class, or contact your financial intermediary for more information.

You should also consult your financial intermediary to learn more about the details of these types of shareholder transaction events for Fund shares held through the intermediary.

152

Shareholder Guide

Opening Your Account – Individual Shareholders


	How	Details
By wire:	You or your financial adviser should call us toll-free at 800-624-6782 to obtain an account number and wiring instructions. Wire the purchase amount to: State Street Bank and Trust Company · ABA #011-0000-28 · New York Life Investments Group of Funds (DDA #99029415) · Attn: Custody and Shareholder Services	Please take note of the applicable minimum initial investment amounts for your New York Life Investments Fund and share class. The wire must include: · name(s) of investor(s); · your account number; and · New York Life Investments Fund name and share class. Your bank may charge a fee for the wire transfer. An application must be received by NYLIM Service Company within three business days.
By mail:	Return your completed New York Life Investments Group of Funds Application with a check for the amount of your investment to: New York Life Investments Group of Funds P.O. Box 219003 Kansas City, MO 64121-9000 Send overnight orders to: New York Life Investments Group of Funds 430 West 7^th Street, Suite 219003 Kansas City, MO 64105-1407	Make your check payable to New York Life Investments Group of Funds. Please take note of the applicable minimum initial investment amounts for your New York Life Investments Fund and share class. Be sure to write on your check: · name(s) of investor(s); and · New York Life Investments Fund name and share class. Alternatively, you may choose to have your initial deposit processed via ACH from your bank account. You can do this by selecting the initial deposit via ACH option and submitting bank information on your application. Please take note of the applicable minimum investment amounts for your Fund and share class. · The maximum ACH purchase amount is $100,000. · If the bank information section of your application is not completed correctly or in its entirety, we will be unable to process your initial deposit.

153

Shareholder Guide

Buying additional shares of the New York Life Investments Group of Funds – Individual Shareholders


	How	Details
By wire:	Wire the purchase amount to: State Street Bank and Trust Company · ABA #011-0000-28 · New York Life Investments Group of Funds (DDA #99029415) · Attn: Custody and Shareholder Services	Please take note of the applicable minimum investment amounts for your New York Life Investments Fund and share class. The wire must include: · name(s) of investor(s); · your account number; and · New York Life Investments Fund name and share class. Your bank may charge a fee for the wire transfer.
By phone:	Call, or have your financial adviser call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open to make an ACH purchase.	Eligible investors can purchase shares by using electronic debits from a designated bank account on file. Please take note of the applicable minimum investment amounts for your New York Life Investments Fund and share class. · The maximum ACH purchase amount is $100,000. · We must have your bank information on file.
By mail:	Address your order to: New York Life Investments Group of Funds P.O. Box 219003 Kansas City, MO 64121-9000 Send overnight orders to: New York Life Investments Group of Funds 430 West 7^th Street, Suite 219003 Kansas City, MO 64105-1407	Make your check payable to New York Life Investments Group of Funds. Please take note of the applicable minimum investment amounts for your New York Life Investments Fund and share class. Be sure to write on your check: · name(s) of investor(s); · your account number; and · New York Life Investments Fund name and share class.
By internet:	Visit us at newyorklifeinvestments.com/accounts	Eligible investors can purchase shares via ACH by using electronic debits from a designated bank account on file. Please take note of the applicable minimum investment amounts for your New York Life Investments Fund and share class. · The maximum ACH purchase amount is $100,000. · We must have your bank information on file.

154

Shareholder Guide

Selling Shares – Individual Shareholders


	How	Details
By contacting your financial adviser:		· You may sell (redeem) your shares through your financial adviser or by any of the methods described below.
By phone:	To receive proceeds by check: Call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open. You should have your account number and social security or taxpayer identification number available.	· Generally, after receiving your sell order by phone, we will send a check to the account owner at the owner's address of record the next business day, although it may take up to seven days to do so. Generally, we will not send checks to addresses on record for 30 days or less. · The maximum order we can process by phone is $100,000.
	To receive proceeds by wire: Call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open. You should have your account number and social security or taxpayer identification number available. Eligible investors may sell shares and have proceeds electronically credited to their designated bank account on file.	· Generally, after receiving your sell order by phone, we will send the proceeds by bank wire to your bank account on file the next business day, although it may take up to seven days to do so. Your bank may charge you a fee to receive the wire transfer. · We must have your bank account information on file. · There is an $11 fee for wire redemptions, except no fee applies to redemptions of Class I shares. · Generally, the minimum wire transfer amount is $1,000.
	To receive proceeds electronically by ACH: Call us toll-free at 800-624-6782 between 8:30 am and 5:00 pm Eastern time any day the Exchange is open. You should have your account number and social security or taxpayer identification number available. Eligible investors may sell shares and have proceeds electronically credited to their designated bank account on file.	· Generally, after receiving your sell order by phone, we will send the proceeds by ACH transfer to your designated bank account on file the next business day, although it may take up to seven days to do so. · We must have your bank account information on file. · After we initiate the ACH transfer, proceeds may take 2-3 business days to reach your bank account. · The New York Life Investments Group of Funds does not charge fees for ACH transfers. · The maximum ACH transfer amount is $100,000.
By mail:	Address your order to: New York Life Investments Group of Funds P.O. Box 219003 Kansas City, MO 64121-9000 Send overnight orders to: New York Life Investments Group of Funds 430 West 7^th Street, Suite 219003 Kansas City, MO 64105-1407	Write a letter of instruction that includes: · your name(s) and signature(s); · your account number; · New York Life Investments Fund name and share class; and · dollar amount or share amount you want to sell. A Medallion Signature Guarantee may be required. There is a $15 fee for Class A or Class A2 shares ($25 fee for Investor Class, Class C, Class C2 or SIMPLE Class shares) for checks mailed to you via overnight service.
By internet:	Visit us at newyorklifeinvestments.com/accounts

155

Shareholder Guide

GENERAL POLICIES

The following are our general policies regarding the purchase and sale of New York Life Investments Fund shares. The New York Life Investments Group of Funds reserves the right to change these policies at any time. Certain retirement plans and/or financial intermediaries may adopt different policies. Consult your plan or account documents for the policies applicable to you or contact your financial intermediary for more information.

Buying Shares

· All investments must be in U.S. dollars with funds drawn on a U.S. bank. We generally will not accept payment in the following forms: travelers checks, personal money orders, credit card convenience checks, cash or starter checks.

· Generally, we do not accept third-party checks, and we reserve the right to limit the number of checks processed at one time.

· The New York Life Investments Group of Funds may not allow investments in accounts that do not have a correct address for the investor.

· If your investment check or ACH purchase does not clear, your order will be canceled and your account will be responsible for any losses or fees a New York Life Investments Fund incurs as a result. Your account will also be charged a $20 fee for each returned check or canceled ACH purchase. In addition, a New York Life Investments Fund may also redeem shares to cover any losses it incurs as a result. If an AutoInvest payment is returned unpaid for two consecutive periods, the privilege will be suspended until you notify us to reinstate it.

· If you wish to defer or stop an ACH purchase, please contact the New York Life Investments Group of Funds at least 3 days prior to the scheduled purchase.

· A New York Life Investments Fund may, in its discretion, reject, restrict or cancel, in whole or in part, without prior notice, any order for the purchase of shares.

· The New York Life Investments Group of Funds does not issue share certificates at this time.

· To buy shares by wire the same day, we generally must receive your wired money by 4:00 pm Eastern time. Your bank may charge a fee for the wire transfer.

· To buy shares electronically via ACH, generally call before 4:00 pm Eastern time to buy shares at the current day's NAV.

Selling Shares

· Your shares will be sold at the next NAV calculated after we receive your request in good order. Generally, we will make the payment, less any applicable CDSC, on the next business day for all forms of payment after receiving your request in good order. However, it may take up to seven days to do so.

· If you redeem shares that were purchased by check or ACH shortly before such redemption, New York Life Investments Group of Funds will process your redemption but may delay sending the proceeds up to 10 days to reasonably ensure that the check or ACH payment has cleared.

· When you sell Class C or Class C2 shares, or Investor Class, Class A or Class A2 shares, when applicable, New York Life Investments Group of Funds will recover any applicable sales charges either by selling additional shares, if available, or by reducing your proceeds by the amount of those charges.

· The right to redeem shares of a Fund may be suspended and the payment of redemption proceeds may be postponed for any period beyond seven days:

— during which the Exchange is closed other than customary weekend and holiday closings or during which trading on the Exchange is restricted;

— when the SEC determines that a state of emergency exists that may make payment or transfer not reasonably practicable;

— as the SEC may by order permit for the protection of the shareholders of New York Life Investments Group of Funds; or

— at any other time as the SEC, laws or regulations may allow.

· In addition, in the case of the NYLI Money Market Fund, the Board may impose a fee upon the sale of shares. The Board also may suspend redemptions and irrevocably approve the liquidation of the NYLI Money Market Fund as permitted by applicable law.

· Unless you decline telephone privileges on your application, you may be responsible for any fraudulent telephone order as long as the New York Life Investments Group of Funds takes reasonable measures to verify the order.

· Reinvestment will not relieve you of any tax consequences on gains realized from a sale. The deductions for losses, however, may be denied.

· We require a written order to sell shares if an account has submitted a change of address during the previous 30 days, unless the proceeds of the sell order are directed to your bank account on file with us.

· We may require a written order to sell shares and a Medallion Signature Guarantee if:

156

Shareholder Guide

— the proceeds from the sale are to be wired and we do not have on file required bank information to wire funds;

— the proceeds from the sale are being sent via wire or ACH to bank information that was added or changed within the past 30 days;

— the proceeds from the sale will exceed $100,000 to the address of record;

— the proceeds of the sale are to be sent to an address other than the address of record;

— the account was designated as a lost shareholder account within 30 days of the redemption request; or

— the proceeds are to be payable to someone other than the registered account holder(s).

· In the interests of all shareholders, we reserve the right to:

— temporarily hold redemption proceeds of natural persons (i) age 65 or older or (ii) age 18 and older who the Transfer Agent reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests from actual or attempted financial exploitation; however, the Transfer Agent is not required to hold redemption proceeds in these circumstances and does not assume any obligation to do so;

— change or discontinue exchange privileges upon notice to shareholders, or temporarily suspend this privilege without notice under extraordinary circumstances;

— change or discontinue the systematic withdrawal plan upon notice to shareholders;

— close accounts with balances less than $250 invested in Investor Class shares or $750 invested in all other classes of shares (by redeeming all shares held and sending proceeds to the address of record); and/or

— change the minimum investment amounts.

· There is no fee for wire redemptions of Class I or Class P shares.

· Calls received before 4:00 pm Eastern time will generally receive the current day's NAV.

· Calls received after 4:00 pm Eastern time will receive the following business day’s NAV.

Each New York Life Investments Fund typically expects to meet redemption requests by using holdings of cash or cash equivalents or proceeds from the sale of portfolio holdings (or a combination of these methods), unless it believes circumstances warrant otherwise. For example, under stressed market conditions, as well as during emergency or temporary circumstances, each New York Life Investments Fund may distribute redemption proceeds in-kind (rather than in cash), access its line of credit or overdraft facility, or borrow through other sources (e.g., reverse repurchase agreements or engage in certain types of derivatives) to meet redemption requests. See “Redemptions-In-Kind” below and the SAI for more details regarding redemptions-in-kind.

NYLI Money Market Fund

The NYLI Money Market Fund (the “Fund”) intends to qualify as a “retail money market fund” pursuant to Rule 2a-7 under the 1940 Act or the rules governing money market funds. As a “retail money market fund,” the Fund has adopted policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons. In order to be eligible to invest in the Fund, you may be required to furnish the Fund or your financial intermediary with certain information (e.g., social security number or government-issued identification, such as a driver’s license or passport) that confirms your eligibility to invest in the Fund. Accounts that are not beneficially owned by natural persons (for example, accounts not associated with a social security number), such as those opened by businesses, including small businesses, defined benefit plans and endowments, are not eligible to invest in the Fund and the Fund will deny purchases of Fund shares by such accounts.

Natural persons may invest in the Fund through certain tax-advantaged savings accounts, trusts and other retirement and investment accounts, which may include, among others: participant-directed defined contribution plans; individual retirement accounts; simplified employee pension arrangements; simple retirement accounts; custodial accounts; deferred compensation plans for government or tax-exempt organization employees; Archer medical savings accounts; college savings plans; health savings account plans; ordinary trusts and estates of natural persons; or certain other retirement and investment accounts with ultimate investment power held by the natural person beneficial owner, notwithstanding having an institutional decision maker making day-to-day decisions (e.g., a plan sponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts).

Financial intermediaries are required to take steps to remove any shareholders on behalf of whom they hold shares in the Fund that are not eligible to invest in, or are no longer eligible to invest in, the Fund. Further, financial intermediaries may only submit purchase orders if they have implemented policies and procedures reasonably designed to limit all investors on behalf of whom they submit orders to accounts beneficially owned by natural persons. Financial intermediaries may be required by the Fund or a service provider to provide a written statement or other representation that they have in place, and operate in compliance with, such policies and procedures prior to submitting purchase orders.

157

Shareholder Guide

The Fund may involuntarily redeem investors that do not satisfy the eligibility requirements for a “retail money market fund” or accounts that the Fund cannot confirm to its satisfaction are beneficially owned by natural persons. Neither the Fund, the Manager nor the Subadvisor will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.

Additional Information

Wiring money to the New York Life Investments Group of Funds reduces the time a shareholder must wait before redeeming shares. Wired funds are generally available for redemption on the next business day. A 10-day hold may be placed on purchases made by check or ACH payment from the date the purchase is received, making them unavailable for immediate redemption.

You may receive confirmation statements that describe your transactions. You should review the information in the confirmation statements carefully. If you notice an error, you should call the New York Life Investments Group of Funds or your financial adviser immediately. If you or your financial adviser fails to notify the New York Life Investments Group of Funds within one year of the transaction, you may be required to bear the costs of any correction.

The policies and fees described in this Prospectus govern transactions with the New York Life Investments Group of Funds. If you invest through a third party—bank, broker/dealer, 401(k), financial intermediary firm or financial supermarket—there may be transaction fees for, and you may be subject to, different investment minimums or limitations on buying or selling shares. Accordingly, the return to investors who purchase through financial intermediaries may be less than the return earned by investors who invest in a New York Life Investments Fund directly. Consult a representative of your plan or financial institution if in doubt.

From time to time, any of the New York Life Investments Group of Funds may close and reopen to new investors or new share purchases at their discretion. Due to the nature of their portfolio investments, certain New York Life Investments Group of Funds may be more likely to close and reopen than others. If a New York Life Investments Fund is closed, either to new investors or new share purchases, and you redeem your total investment in the New York Life Investments Fund, your account will be closed and you will not be able to make any additional investments in that New York Life Investments Fund. If a New York Life Investments Fund is closed to new investors, you may not exchange shares of other New York Life Investments Group of Funds for shares of that New York Life Investments Fund unless you are already a shareholder of such New York Life Investments Fund.

It is important that the New York Life Investments Group of Funds maintain a correct address for each investor. An incorrect address may cause an investor’s account statements and other mailings to be returned to the New York Life Investments Group of Funds. It is the responsibility of an investor to ensure that the New York Life Investments Group of Funds is aware of the correct address for the investor’s account(s). It is important to promptly notify us of any name or address changes.

Mutual fund accounts can be considered abandoned property.

States increasingly are looking at inactive mutual fund accounts and uncashed checks as possible abandoned or unclaimed property. Under certain circumstances, the New York Life Investments Group of Funds may be legally obligated to escheat (or transfer) an investor’s account to the appropriate state’s unclaimed property administrator. Escheatment with respect to a retirement account is subject to a 10% federal withholding on the account. The New York Life Investments Group of Funds, the Board, and NYLIM Service Company and its affiliates will not be liable to investors or their representatives for good faith compliance with state unclaimed or abandoned property (escheatment) laws. If you invest in a New York Life Investments Fund through a financial intermediary, we encourage you to contact the financial intermediary regarding applicable state escheatment laws.

Escheatment laws vary by state, and states have different criteria for defining inactivity and abandoned property. Generally, a mutual fund account may be subject to “escheatment” (i.e., considered to be abandoned or unclaimed property) if the account owner has not initiated any activity in the account or contacted the New York Life Investments Group of Funds for an “inactivity period” as specified in applicable state laws. If a New York Life Investments Fund is unable to establish contact with an investor, the New York Life Investments Fund will determine whether the investor’s account must legally be considered abandoned and whether the assets in the account must be transferred to the appropriate state’s unclaimed property administrator. Typically, an investor’s last known address of record determines the state that has jurisdiction.

We strongly encourage you to contact us at least annually to review your account information. Below are ways in which you can assist us in safeguarding your New York Life Investments Fund investments.

· Log in to your account by entering your user ID and Personal ID (PIN) at newyorklifeinvestments.com/accounts to view your account information. Please note, simply visiting our public website may not be considered establishing contact with us under state escheatment laws.

· Call our 24-hour automated service line at 800-624-6782 and select option 1 for an account balance using your PIN.

· Call one of our customer service representatives at 800-624-6782 Monday through Friday from 8:30 am to 5:00 pm Eastern time. Certain state escheatment laws do not consider contact by phone to be customer-initiated activity and such activity may be achieved only by contacting New York Life Investments Group of Funds in writing or through the New York Life Investments Group of Funds’ website.

158

Shareholder Guide

· Take action on letters received in the mail from New York Life Investments concerning account inactivity, outstanding checks and/or escheatment or abandoned property and follow the directions in these letters. To avoid escheatment, we advise that you promptly respond to any such letters.

· If you are a resident of Texas, you may designate a representative to receive escheatment or abandoned property notices regarding New York Life Investments Fund shares by completing and submitting a designation form that can be found on the website of the Texas Comptroller. The completed designation form may be mailed to the New York Life Investments Group of Funds. For more information, please call 800-624-6782.

The Prospectus and SAI, related regulatory filings, and any other New York Life Investments Fund communications or disclosure documents do not purport to create any contractual obligations between the Funds and shareholders. The New York Life Investments Group of Funds may amend any of these documents or enter into (or amend) a contract on behalf of the Funds without shareholder approval except where shareholder approval is specifically required. Further, shareholders are not intended third-party beneficiaries of any contracts entered into by (or on behalf of) the Funds, including contracts with New York Life Investments, a Subadvisor or other parties who provide services to the Funds.

Medallion Signature Guarantees

A Medallion Signature Guarantee helps protect against fraud. To protect your account, each New York Life Investments Fund and the Transfer Agent from fraud, Medallion Signature Guarantees may be required to enable us to verify the identity or capacity of the person who has authorized redemption proceeds to be sent to a third party or a bank not previously established on the account. Medallion Signature Guarantees may be also required for redemptions of $100,000 or more from an account by check to the address of record and for share transfer requests. Medallion Signature Guarantees must be obtained from certain eligible financial institutions that are participants in the Securities Transfer Association Medallion Program, the Stock Exchange Medallion Program, or the New York Stock Exchange Medallion Signature Program. Eligible guarantor institutions provide Medallion Signature Guarantees that are covered by surety bonds in various amounts. It is your responsibility to ensure that the Medallion Signature Guarantee that you acquire is sufficient to cover the total value of your transaction(s). If the surety bond amount is not sufficient to cover the requested transaction(s), the Medallion Signature Guarantee will be rejected.

Signature guarantees that are not a part of these programs will not be accepted. Please note that a notary public stamp or seal is not acceptable.

Investing for Retirement

You can purchase shares of most, but not all, of the New York Life Investments Group of Funds for retirement plans providing tax-deferred investments for individuals and institutions. You can use New York Life Investments Group of Funds in established plans or the Distributor may provide the required plan documents for selected plans. A plan document must be adopted for a plan to be in existence.

Custodial services are available for IRA, Roth IRA and Coverdell Education Savings Accounts ("CESAs") (previously named Education IRA) as well as SEP and SIMPLE IRA plans. Plan administration is also available for select qualified retirement plans. An investor should consult with his or her tax advisor before establishing any tax-deferred retirement plan.

Not all New York Life Investments Group of Funds are available for all types of retirement plans or through all distribution channels. Please contact the New York Life Investments Group of Funds at 800-624-6782 and see the SAI for further details.

Purchases-In-Kind

You may purchase shares of a New York Life Investments Fund by transferring securities to a New York Life Investments Fund in exchange for New York Life Investments Fund shares ("in-kind purchase"). In-kind purchases may be made only upon the New York Life Investments Group of Funds' approval and determination that the securities are acceptable investments for the New York Life Investments Fund and are purchased consistent with that New York Life Investments Fund's procedures relating to in-kind purchases. The New York Life Investments Group of Funds reserves the right to amend or terminate this practice at any time. You must call the New York Life Investments Group of Funds at 800-624-6782 before sending any securities. Please see the SAI for additional details.

Redemptions-In-Kind

The New York Life Investments Group of Funds reserves the right to pay redemptions, either totally or partially, by redemption-in-kind of securities (instead of cash) from the applicable New York Life Investments Fund’s portfolio, consistent with the New York Life Investments Fund’s procedures relating to in-kind redemptions and in accordance with the 1940 Act and rules and interpretations of the SEC thereunder. Each Fund may distribute redemption proceeds in-kind under normal and stressed market conditions as well as during emergency or temporary circumstances. In addition, a Fund may distribute redemption proceeds in-kind to any type of shareholder or account, including retail and omnibus accounts. The New York Life Investments Group of Funds may also redeem shares in-kind upon the request of a shareholder. The securities distributed in such a redemption would be effected through a distribution of the New York Life Investments Fund’s portfolio securities (generally pro rata) and valued at the same value as that assigned to them in calculating the NAV of the shares being redeemed. Such securities may be illiquid, which means that they may be difficult or impossible to sell at an advantageous time or price. If a shareholder receives a redemption-in-kind, he or she should expect that the in-kind distribution would be subject to market and other risks, such as liquidity risk, before sale, and to incur transaction costs, including brokerage costs, when he

159

Shareholder Guide

or she converts the securities to cash. Gains or losses on the disposition of securities may also be tax reportable. Please see the SAI for additional details.

The Reinvestment Privilege May Help You Avoid Sales Charges

When you sell shares, you have the right—for 90 days—to reinvest any or all of the money in the same account and class of shares of the same or another New York Life Investments Fund without paying another sales charge (so long as (i) those shares have not been reinvested once already; (ii) your account is not subject to a 30-day block as described in "Excessive Purchases and Redemptions or Exchanges;" and (iii) you are not reinvesting your required minimum distribution). If you paid a sales charge when you redeemed, you will receive a pro rata credit for reinvesting in the same account and class of shares.

Reinvestment will not relieve you of any tax consequences on gains realized from a sale. The deductions for losses may, however, be denied and, in some cases, sales charges may not be taken into account in computing gains or losses if the reinvestment privilege is exercised.

Convenient, yes...but not risk-free. Telephone and internet redemption privileges are convenient, but with them you give up some security. When you sign the application to buy shares, you agree that the New York Life Investments Group of Funds, the Board, and NYLIM Service Company and its affiliates will not be liable for following phone instructions that NYLIM Service Company or its affiliates reasonably believe are genuine. When using the New York Life Investments Audio Response System or the internet, you bear the risk of any loss from your errors unless we fail to use established safeguards for your protection. The following safeguards are among those currently in place at New York Life Investments Group of Funds:

• all phone calls with service representatives are recorded; and

• written confirmation of every transaction is sent to your address of record.

We reserve the right to suspend the New York Life Investments Audio Response System and website at any time or if the systems become inoperable due to technical problems.

NYLI Money Market Fund Check Writing

You can sell shares of the NYLI Money Market Fund by writing checks for an amount that meets or exceeds the pre-set minimum stated on your check. You need to complete special forms to set up check writing privileges. You cannot close your account by writing a check. This option is not available for IRAs, CESAs, 403(b)(7)s or qualified retirement plans.

Information on Liquidity Fees for the NYLI Money Market Fund

Pursuant to Rule 2a-7 under the 1940 Act, the Board is permitted to impose a liquidity fee on redemptions from the NYLI Money Market Fund (the “Fund”) of up to 2%.

The Board (or its delegate), based on its determination that the liquidity fee is in the best interests of the Fund, may, as early as the same day, impose a liquidity fee of no more than 2% on redemptions from the Fund.

The Board may, in its discretion, terminate a liquidity fee at any time, if it believes such action to be in the best interests of the Fund and its shareholders. When a fee is in place, the Fund may determine to halt purchases and exchanges or to subject any purchases to certain conditions, including, for example, a written affirmation of the purchaser’s knowledge that a fee is in effect. During periods when the Fund is imposing a liquidity fee, shareholders may exchange out of the Fund but will be subject to the applicable liquidity fee, which will reduce the value of the shares exchanged.

Liquidity fees are most likely to be imposed, if at all, during times of extraordinary market stress. The imposition and termination of a liquidity fee will be reported by the Fund to the SEC on Form N-CR. Such information will also be available on the Fund’s website. In addition, the Fund will communicate such action through a supplement to its registration statement and may further communicate such action through a press release or by other means. Liquidity fees would reduce the amount you receive upon redemption of your shares. The Fund would retain the liquidity fees for the benefit of remaining shareholders.

The Board may, in its discretion, permanently suspend redemptions and liquidate the Fund, if, among other things, at the end of a business day the Fund has less than 10% of its total assets invested in weekly liquid assets.

SHAREHOLDER SERVICES

Automatic Services

Buying or selling shares automatically is easy with the services described below. You select your schedule and amount, subject to certain restrictions. You can set up most of these services on your application, by accessing your shareholder account on the internet at newyorklifeinvestments.com/accounts, by contacting your financial adviser for instructions, or by calling us toll-free at 800-624-6782 for a form.

160

Shareholder Guide

Systematic Investing—Individual Shareholders Only

New York Life Investments offers four automatic investment plans:

1. AutoInvest

If you obtain authorization from your bank, you can automatically debit your designated bank account to:

· make regularly scheduled investments; and/or

· purchase shares whenever you choose.

2. Dividend or Capital Gains Reinvestment

Automatically reinvest dividends, distributions or capital gains from one New York Life Investments Fund into the same New York Life Investments Fund or the same class of any other New York Life Investments Fund. Accounts established with dividend or capital gains reinvestment must meet the initial minimum investment amounts and any other eligibility requirements of the selected share class.

3. Payroll Deductions

If your employer offers this option, you can make automatic investments through payroll deduction.

4. Systematic Exchange

Exchanges must be at least $100. You must have at least $10,000 in your account for Investor Class, Class C or Class C2 shares at the time of the initial request. You may systematically exchange a share or dollar amount from one New York Life Investments Fund into any other New York Life Investments Fund in the same share class. Accounts established with a systematic exchange must meet the initial minimum investment amounts and any other eligibility requirements of the selected share class. Please see "Exchanging Shares Among New York Life Investments Group of Funds" for more information.

Systematic Withdrawal Plan—Individual Shareholders Only

Withdrawals must be at least $100. You must have at least $10,000 in your account for Investor Class, Class C and Class C2 shares at the time of the initial request. The above minimums are waived for IRA and 403(b)(7) accounts where the systematic withdrawal represents required minimum distributions.

NYLIM Service Company acts as the agent for the shareholder in redeeming sufficient full and fractional shares to provide the amount of the systematic withdrawal payment and any CDSC, if applicable.

The New York Life Investments Group of Funds will not knowingly permit systematic withdrawals if, at the same time, you are making periodic investments.

Exchanging Shares Among New York Life Investments Group of Funds

Exchanges will be based upon each New York Life Investments Fund's NAV next determined following receipt of a properly executed exchange request.

Generally, you exchange shares when you sell all or a portion of shares in one New York Life Investments Fund and use the proceeds to purchase shares of the same class of another New York Life Investments Fund at NAV. Investment minimums and eligibility requirements apply to exchanges. Please note that certain New York Life Investments Group of Funds have higher investment minimums. An exchange of shares of one New York Life Investments Fund for shares of another New York Life Investments Fund will be treated as a sale of shares of the first New York Life Investments Fund and as a purchase of shares of the second New York Life Investments Fund. Any gain on the transaction may be subject to taxes. You may make exchanges from one New York Life Investments Fund to another by phone. There is also a systematic exchange program that allows you to make regularly scheduled, systematic exchanges from one New York Life Investments Fund to the same class of another New York Life Investments Fund. When you redeem exchanged shares without a corresponding purchase of another New York Life Investments Fund, you may have to pay any applicable contingent deferred sales charge. If you choose to sell Class C or Class C2 shares and then separately buy Investor Class, Class A or Class A2 shares, you may have to pay a deferred sales charge on the Class C or Class C2 shares, as well as pay an initial sales charge on the purchase of Investor Class, Class A or Class A2 shares.

In addition, if you exchange Class C or Class C2 shares of a New York Life Investments Fund into Class C shares of the NYLI Money Market Fund or if you exchange Investor Class shares or Class A shares of a New York Life Investments Fund subject to the 1.00% CDSC into Investor Class shares or Class A shares of the NYLI Money Market Fund, the holding period for purposes of determining the CDSC stops until you exchange back into Investor Class, Class A, Class C or Class C2 shares, as applicable, of another non-money market New York Life Investments Fund. The holding period for purposes of determining conversion of Class C or Class C2 shares into Investor Class or Class A shares also stops until you exchange back into Class C or Class C2 shares of another non-money market New York Life Investments Fund. Shareholders who hold Class C shares of a New York Life Investments Fund may exchange those shares into Class C2 shares of another New York Life Investments Fund, or vice versa, depending on eligibility at the time of the exchange. Likewise, shareholders who hold Class A shares of a New York Life Investments Fund may exchange those shares into Class A2 shares of another New York Life Investments Fund, or vice versa, depending on eligibility at the time of the exchange. The CDSC holding period applicable

161

Shareholder Guide

to any Class C or Class A shares will continue in the same manner when exchanged into Class A2 or Class C2 shares, or vice versa, subject to stoppage during any period such shares are exchanged into either Class C or Class A shares of the NYLI Money Market Fund, as described above.

You also may exchange shares of a New York Life Investments Fund for shares of an identical class, if offered, of any series of certain other open-end investment companies sponsored, advised or administered by New York Life Investments or any affiliate thereof (provided such series is registered for sale in your state of residence or an exemption from registration is available) some of which are offered in this Prospectus and some of which are offered in separate prospectuses, including:

NYLI Balanced Fund

NYLI Candriam Emerging Markets Debt Fund

NYLI Candriam Emerging Markets Equity Fund

NYLI CBRE Global Infrastructure Fund

NYLI CBRE Real Estate Fund

NYLI Conservative Allocation Fund

NYLI Conservative ETF Allocation Fund

NYLI Cushing MLP Premier Fund

NYLI Epoch Capital Growth Fund

NYLI Epoch Global Equity Yield Fund

NYLI Epoch International Choice Fund

NYLI Epoch U.S. Equity Yield Fund

NYLI Equity Allocation Fund

NYLI Equity ETF Allocation Fund

NYLI Fiera SMID Growth Fund

NYLI Floating Rate Fund

NYLI Growth Allocation Fund

NYLI Growth ETF Allocation Fund

NYLI Income Builder Fund

NYLI MacKay Arizona Muni Fund*

NYLI MacKay California Muni Fund**

NYLI MacKay Colorado Muni Fund***

NYLI MacKay Convertible Fund

NYLI MacKay High Yield Corporate Bond Fund

NYLI MacKay High Yield Muni Bond Fund

NYLI MacKay New York Muni Fund****

NYLI MacKay Oregon Muni Fund*****

NYLI MacKay Short Duration High Income Fund

NYLI MacKay Short Term Muni Fund

NYLI MacKay Strategic Bond Fund

NYLI MacKay Strategic Muni Allocation Fund

NYLI MacKay Tax Free Bond Fund

NYLI MacKay Total Return Bond Fund

NYLI MacKay U.S. Infrastructure Bond Fund

NYLI MacKay Utah Muni Fund******

NYLI Moderate Allocation Fund

NYLI Moderate ETF Allocation Fund

NYLI Money Market Fund

NYLI Short Term Bond Fund

NYLI S&P 500 Index Fund

NYLI PineStone Global Equity Fund

NYLI PineStone International Equity Fund

NYLI PineStone U.S. Equity Fund

NYLI Winslow Large Cap Growth Fund

NYLI WMC Enduring Capital Fund

NYLI WMC Growth Fund

NYLI WMC International Research Equity Fund

NYLI WMC Small Companies Fund

NYLI WMC Value Fund

* The Fund is registered for sale in AZ, CA, CO, GA, GU, HI, IA (Class A and Z shares only), ID, IL, IN, KS, KY, LA, MD (Class A and I shares only), MI (Class A, Z and C shares only), MN, MO, MT (Class A and Z shares only), NC, NE (Class A and I shares only), NJ, NM (Class A, Z and and I shares only), NV, NY OH, OR, PA, RI, SC, TX, UT, VA, WA (Class A, Z and I shares only), WI (Class A and Z shares only) and WY.

** The Fund is registered for sale in AZ, CA, NV, OR, TX, UT, WA, and MI (Class A and I shares only), and CO, FL, GA, HI, ID, MA, MD, NH, NJ and NY (Class I only).

*** The Fund is registered for sale in AK, AZ, CA, CO, GA, GU, IA, IL, IN, KS, KY, LA, MD (Class A, Z and I shares only), MI (Class A, Z and I shares only), MN, MO, MT (Class A and Z shares only), NC, NE (Class A and Z shares only), NJ, NM (Class A and Z shares only), NY, OH, OR, PA, RI, TX (Class A, Z and I shares only), UT, VA, WA (Class A and Z shares only), WI (Class A, Z and I shares only) and WY

**** The Fund is registered for sale in CA, CT, DE, FL, MA, NJ, NY and VT.

***** The Fund is registered for sale in AK, AL, AZ, CA, CO, CT, GA, GU, HI, IA (Class A and I shares only), ID, IL, IN, KS, KY, LA, MD (Class A and I shares only), ME (Class A and I shares only), MI (Class A and I shares only), MN, MO, MS (Class A and I shares only), MT (Class A and I shares only), NC, NE (Class A, C and I shares only), NH (Class A and I shares only), NJ, NM, NV, NY, OH, OR, PA, PR (Class A and I shares only), RI, SC, SD (Class A and I shares only), TX, UT, VA, VI, VT (Class A and I shares only), WA, WI (Class A, Z and I shares only), and WY.

****** The Fund is registered for sale in AK, AL, AR, AZ, CA, CO, CT, GA, GU, HI, IA (Class A and I shares only), ID, IL, IN, KS, KY, LA, MD (Class A and I shares only), ME (Class A and I shares only), MI (Class A, Z and I shares only), MN, MO, MS (Class A and I shares only), MT (Class A, Z and I shares only), NC, NE (Class A and I shares only), NH (Class A, Z and I shares only), NJ, NM (Class A and I shares only), NV, NY, OH, OR, PA, PR (Class A and I shares only), RI, SC, SD, TX, UT, VA, VI, VT (Class A and I shares only), WA, WI (Class A, Z and I shares only), and WY.

You may not exchange shares of one New York Life Investments Fund for shares of another New York Life Investments Fund that is closed to new investors unless you are already a shareholder of that New York Life Investments Fund or are otherwise eligible for purchase. You may not exchange shares of one New York Life Investments Fund for shares of another New York Life Investments Fund that is closed to new share purchases or not offered for sale in your state.

Selling and exchanging shares may result in a gain or loss and therefore may be subject to taxes. Consult your tax advisor on the consequences.

Before making an exchange request, read the prospectus of the New York Life Investments Fund you wish to purchase by exchange. You can obtain a prospectus for any New York Life Investments Fund by contacting your broker, financial adviser or other financial intermediary, by visiting dfinview.com/NYLIM or by calling the New York Life Investments Group of Funds at 800-624-6782. Following an exchange, the ongoing fees and expenses of the new New York Life Investments Fund will differ from and may be higher or lower than

162

Shareholder Guide

those of the New York Life Investments Fund that you previously held. The Prospectus relating to the new New York Life Investments Fund includes information regarding the fees, expenses and other characteristics of the new New York Life Investments Fund.

The exchange privilege is not intended as a vehicle for short-term trading, nor are the New York Life Investments Group of Funds designed for professional market timing organizations or other entities or individuals that use programmed frequent exchanges in response to market fluctuations. Excessive exchange activity may interfere with portfolio management and have an adverse effect on all shareholders (see "Excessive Purchases and Redemptions or Exchanges").

The New York Life Investments Group of Funds reserves the right to revise or terminate the exchange privilege, limit the amount or number of exchanges or reject any exchange consistent with the requirements of the 1940 Act and rules and interpretations of the SEC thereunder.

In certain circumstances you may have to pay a sales charge when exchanging shares.

Daily Dividend New York Life Investments Fund Exchanges

If you exchange all your shares in the NYLI Floating Rate Fund, NYLI MacKay California Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund or NYLI Money Market Fund for shares of the same class in another New York Life Investments Fund, any dividends that have been declared but not yet distributed will be credited to the new New York Life Investments Fund account. If you exchange all your shares in the NYLI Floating Rate Fund, NYLI MacKay California Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund or NYLI Money Market Fund for shares of the same class in more than one New York Life Investments Fund, undistributed dividends will be credited to the last New York Life Investments Fund account that you exchange to.

We try to make investing easy by offering a variety of programs to buy, sell and exchange New York Life Investments Fund shares. These programs make it convenient to add to your investment and easy to access your money when you need it.

Excessive Purchases and Redemptions or Exchanges

The New York Life Investments Group of Funds are not intended to be used as a vehicle for frequent, excessive or short-term trading (such as market timing). The interests of a New York Life Investments Fund’s shareholders and the New York Life Investments Group of Funds’ ability to manage its investments may be adversely affected by excessive purchases and redemptions or exchanges (if applicable) of the New York Life Investments Fund shares over the short term. The risks posed by excessive trading include the disruption of efficient implementation of a New York Life Investments Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of portfolio investments, requiring a New York Life Investments Fund to maintain higher levels of cash to meet redemption requests, experiencing increased transaction costs, all of which may adversely affect a New York Life Investments Fund's performance to the detriment of long-term shareholders. These risks are more pronounced in New York Life Investments Group of Funds that invest in thinly-traded or foreign securities. Accordingly, the Board has adopted and implemented policies and procedures designed to discourage, detect and prevent frequent purchases and redemptions or exchanges of New York Life Investments Fund shares in order to protect long-term New York Life Investments Fund shareholders. These policies are discussed more fully below. Although New York Life Investments Group of Funds’ policies and procedures are designed to discourage frequent, excessive or short-term trading, there is no assurance that the New York Life Investments Group of Funds will be able to effectively detect such activity or participants engaged in such activity, or, if it is detected, to prevent its recurrence, particularly with respect to omnibus accounts as the New York Life Investments Group of Funds must rely on the cooperation of and/or information provided by third-parties, such as financial intermediaries or retirement plans. A New York Life Investments Fund may change its policies or procedures at any time without prior notice to shareholders.

The New York Life Investments Group of Funds reserves the right to restrict, reject or cancel, without prior notice, any purchase or exchange order for any reason, including any purchase or exchange order accepted by any investor’s financial intermediary firm. Any such rejection or cancellation of an order placed through a financial intermediary will occur, under normal circumstances, within one business day of the financial intermediary transmitting the order to the New York Life Investments Group of Funds. If an order is cancelled due to a violation of this policy, and such cancellation causes a monetary loss to a New York Life Investments Fund, such loss may become the responsibility of the party that placed the transaction or the account owner. In addition, the New York Life Investments Group of Funds reserves the right to reject, limit, or impose other conditions (that are more restrictive than those otherwise stated in the Prospectuses) on purchases or exchanges or to close or otherwise limit accounts based on a history of frequent purchases and redemptions of New York Life Investments Fund shares that could adversely affect a New York Life Investments Fund or its operations, including those from any individual or group who, in the New York Life Investments Group of Funds’ judgment, is likely to harm New York Life Investments Group of Funds shareholders.

The New York Life Investments Group of Funds, through New York Life Investments, the Transfer Agent and the Distributor, maintain surveillance procedures to detect frequent, excessive or short-term trading in New York Life Investments Group of Funds shares. As part of this surveillance process, the New York Life Investments Group of Funds examines transactions in New York Life Investments Group of

163

Shareholder Guide

Funds shares that exceed certain monetary thresholds or numerical limits within a specified period of time, including reviewing “round trips” in the New York Life Investments Group of Funds by investors. Round trips include purchases or exchanges into a New York Life Investments Fund followed or preceded by a redemption or exchange out of the same New York Life Investments Fund that is substantially similar in dollar terms. The New York Life Investments Group of Funds also may consider the history of trading activity in all accounts known to be under common ownership, control or influence. To the extent identified under these surveillance procedures, a New York Life Investments Fund may place a 30-day “block” on any account if, during any 30-day period, there is a redemption or exchange from the account following a purchase or exchange into such account. An account that is blocked will not be permitted to place future purchase or exchange requests for at least an additional 30-day period in that New York Life Investments Fund. The New York Life Investments Group of Funds may modify its surveillance procedures and criteria from time to time without prior notice, as necessary or appropriate to improve the detection of frequent, excessive or short-term trading or to address specific circumstances. In certain instances when deemed appropriate, the New York Life Investments Group of Funds will rely on a financial intermediary to apply the intermediary’s market timing procedures to an omnibus account. In certain cases, these procedures may be more or less restrictive than the New York Life Investments Group of Funds’ procedures.

In addition to these measures and other deterrents, the New York Life Investments Group of Funds may from time to time impose a redemption fee on redemptions or exchanges of New York Life Investments Fund shares made within a certain period of time in order to deter frequent, excessive or short-term trading and to offset certain costs associated with such trading.

The New York Life Investments Group of Funds will seek to apply its frequent trading policies and procedures as uniformly as practicable to accounts with the New York Life Investments Group of Funds, with the following exceptions:

· Short-term purchases or exchanges that it believes, in the exercise of its judgment, are not disruptive or harmful to the New York Life Investments Fund’s long-term shareholders;

· Purchases, reinvestments, redemptions and exchanges made on a systematic or automatic basis, such as dollar-cost averaging, dividend diversification and systematic withdrawals;

· Certain purchases, redemptions or exchanges that are part of a rebalancing program, such as a wrap, advisory or bona fide asset allocation program;

· Any transactions not initiated by a shareholder or registered representative, such as redemptions of shares to pay fund or account fees;

· Permitted conversions of shares from one share class to another share class within the same New York Life Investments Fund;

· Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund;

· Transactions in qualified tuition programs operating under Section 529 of the Internal Revenue Code; and

· Transactions by fund of fund products where New York Life Investments or an affiliate is the program manager.

In addition, on a case-by-case basis, requests for one-time exceptions to the New York Life Investments Group of Funds’ frequent trading policies and procedures may be granted by the New York Life Investments Group of Funds’ Chief Compliance Officer based on the facts and circumstances of the request.

The NYLI Money Market Fund and the NYLI U.S. Government Liquidity Fund are intended for short-term investment horizons and do not monitor for nor prohibit short-term trading activity. Although these New York Life Investments Group of Funds are managed in a manner that is consistent with their investment objectives, frequent trading by shareholders may disrupt their management and increase their expenses.

Apart from trading permitted or exceptions enumerated above in accordance with the New York Life Investments Group of Funds’ policies and procedures, no New York Life Investments Fund accommodates, nor has any arrangement to permit, frequent purchases and redemptions of New York Life Investments Fund shares.

FAIR VALUATION AND PORTFOLIO HOLDINGS DISCLOSURE

Determining the New York Life Investments Group of Funds' Share Prices and the Valuation of Securities and Other Assets

Each New York Life Investments Fund generally calculates its NAV at the Fund’s close (usually 4:00 pm Eastern time) every day the Exchange is open. The New York Life Investments Group of Funds do not calculate their NAVs on days on which the Exchange is closed. The NAV per share for a class of shares is determined by dividing the value of the net assets attributable to that class by the number of shares of that class outstanding on that day.

The value of a New York Life Investments Fund's investments is generally based (in whole or in part) on current market prices (amortized cost, in the case of the NYLI Money Market Fund and other New York Life Investments Group of Funds that hold debt securities with a remaining maturity of 60 days or less). If current market values of a New York Life Investments Fund’s investments are not available or, in the judgment of New York Life Investments, do not accurately reflect the fair value of a security, the fair value of the investment will be determined in good faith in accordance with procedures approved by the Board. Changes in the value of a New York Life Investments

164

Shareholder Guide

Fund's portfolio securities after the close of trading on the principal markets in which the portfolio securities trade will not be reflected in the calculation of NAV unless New York Life Investments, in consultation with the Subadvisor(s) (if applicable), determines that a particular event could materially affect the NAV. In this case, an adjustment in the valuation of the securities may be made in accordance with procedures approved by the Board. A New York Life Investments Fund may invest in portfolio securities that are primarily listed on foreign exchanges that trade on weekends or other days when the New York Life Investments Fund does not price its shares. Consequently, the value of portfolio securities of a New York Life Investments Fund may change on days when shareholders will not be able to purchase or redeem shares.

With respect to any portion of a New York Life Investments Fund's assets invested in one or more Underlying Funds, the New York Life Investments Fund's NAV is calculated based upon the NAVs of those Underlying Funds, except for exchange-traded Underlying Funds, which are generally valued based on market prices.

The Board has adopted joint valuation procedures of the New York Life Investments Group of Funds and New York Life Investments establishing methodologies for the valuation of the New York Life Investments Group of Funds’ portfolio securities and other assets. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated New York Life Investments as the valuation designee to perform fair valuation determinations for each New York Life Investments Fund with respect to all Fund investments and/or other assets for which market quotations are not readily available. New York Life Investments, in its role as valuation designee, utilizes the assistance of a Valuation Committee to support its obligations in determining fair value of the New York Life Investments Group of Funds’ securities and/or other assets. Fair value determinations may be based upon developments related to a specific security or events affecting securities markets and the specific methodologies used for a particular security may vary based on the market data available for a specific security at the time the New York Life Investments Fund calculates its NAV or based on other considerations. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

The New York Life Investments Group of Funds expects to use fair value pricing for securities actively traded on U.S. exchanges only under very limited circumstances. The New York Life Investments Group of Funds may use fair value pricing more frequently for foreign securities. Where foreign securities markets close earlier than U.S. markets, the value of the securities may be affected by significant events or volatility in the U.S. markets occurring after the close of those foreign securities markets. To account for this, certain New York Life Investments Group of Funds, notably the New York Life Investments International/Global Equity Funds, have fair valuation procedures which include a procedure whereby foreign securities may be valued based on third-party vendor modeling tools to the extent available. For Underlying Funds in which the New York Life Investments Group of Funds may invest, additional information about the circumstances when those Underlying Funds may use fair value pricing may be found in each Underlying Fund’s respective prospectus.

There may be other instances where market quotations are not readily available or standard pricing principles do not apply. Please see the SAI for additional information about the valuations of the New York Life Investments Group of Funds’ securities and other assets and on how NAV is calculated.

Portfolio Holdings Information

A description of the New York Life Investments Group of Funds' policies and procedures with respect to the disclosure of each of the New York Life Investments Group of Funds' portfolio securities holdings is available in the SAI. Generally, a complete schedule of each of the New York Life Investments Group of Funds' portfolio holdings will be made public at dfinview.com/NYLIM 30 days after month-end, except as noted below. You may also obtain this information by calling toll-free 800-624-6782.

The NYLI Money Market Fund will post on the New York Life Investments Group of Funds' website its complete schedule of portfolio holdings as of the last business day of the prior month, no later than the fifth business day following month-end. NYLI Money Market Fund's postings will remain on the New York Life Investments Group of Funds' website for a period of at least six months after posting. Also, in the case of the NYLI Money Market Fund, certain portfolio information will be provided in monthly holdings reports to the SEC on Form N-MFP. Form N-MFP will be made immediately available to the public by the SEC, and a link to each of the most recent 12 months of filings on Form N-MFP will be provided on the New York Life Investments Group of Funds’ website.

The portfolio holdings for NYLI Cushing MLP Premier Fund will be made public 60 days after quarter end.

The portfolio holdings for NYLI MacKay High Yield Corporate Bond Fund, NYLI Short Duration High Income Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund will be made public 30 days after quarter end.

The portfolio holdings for NYLI Epoch Capital Growth Fund, NYLI Epoch Global Equity Yield Fund, NYLI Epoch International Choice Fund and NYLI Epoch U.S. Equity Yield Fund will be made public 15 days after month end.

The portfolio holdings for NYLI MacKay U.S. Infrastructure Bond Fund and NYLI Tax-Exempt Funds will be made public 60 days after month end.

All portfolio holdings will be posted on the appropriate New York Life Investments Fund’s website and remain accessible until an updated Form N-CSR is filed or a Form N-PORT is filed.

165

Shareholder Guide

New York Life Investments (or its affiliates) offers a variety of collective investment funds including mutual funds and ETFs, in some cases in the same investment strategy, which may have different portfolio holdings disclosure schedules or frequency.

OPERATION AS A MANAGER OF MANAGERS

Section 15(a) of the 1940 Act requires that all contracts pursuant to which persons serve as investment advisers to investment companies be approved by shareholders. As interpreted, this requirement also applies to the appointment of subadvisors to the New York Life Investments Group of Funds. The Manager and the New York Life Investments Group of Funds, including the New York Life Investments Group of Funds that are covered by this Prospectus, have obtained an exemptive order (the “Order”) from the SEC permitting the Manager, on behalf of a New York Life Investments Fund and subject to the approval of the Board, including a majority of the Independent Trustees, to hire and to modify any existing or future subadvisory agreement with unaffiliated subadvisors and subadvisors that are “wholly-owned subsidiaries” (as defined in the 1940 Act) of New York Life Investments, or a sister company of New York Life Investments that is a wholly-owned subsidiary of a company that, indirectly or directly, wholly owns New York Life Investments (“Wholly-Owned Subadvisors”). The Order supersedes a prior SEC exemptive order, which applied only to hiring, or modifying existing or future subadvisory agreements with unaffiliated subadvisors. In addition, pursuant to a no-action position issued by the staff of the SEC, Funds covered by this Prospectus may hire and modify any existing or future subadvisory agreement with subadvisors that are not Wholly-Owned Subadvisors, but are otherwise an “affiliated person” (as defined in the 1940 Act) of New York Life Investments (“Affiliated Subadvisors”) provided that certain conditions are met (“Interpretive Relief”). This authority is subject to certain conditions, including that each New York Life Investments Fund will notify shareholders and provide them with certain information within 90 days of hiring a new subadvisor.

Certain New York Life Investments Group of Funds, including those listed in the table below, have approved operating under a manager-of-managers structure with respect to any affiliated or unaffiliated subadvisor, and may rely on the Order and Interpretive Relief as they relate to Wholly-Owned Subadvisors, Affiliated Subadvisors and unaffiliated subadvisors, while other New York Life Investments Group of Funds may rely on the Order only as it relates to unaffiliated subadvisors. Certain other New York Life Investments Group of Funds may not rely on any aspect of the Order without obtaining shareholder approval.


Fund	May Rely on Order for Wholly-Owned Subadvisors and Unaffiliated Subadvisors and the Interpretive Relief for Affiliated Subadvisors	May Rely on Order Only for Unaffiliated Subadvisors*	Currently May Not Rely on Order**
NEW YORK LIFE INVESTMENTS FUNDS
NYLI Candriam Emerging Markets Debt Fund	x
NYLI Income Builder Fund		x
NYLI MacKay Convertible Fund		x
NYLI MacKay High Yield Corporate Bond Fund		x
NYLI MacKay Strategic Bond Fund		x
NYLI MacKay Tax Free Bond Fund		x
NYLI MacKay U.S. Infrastructure Bond Fund		x
NYLI Money Market Fund		x
NYLI Winslow Large Cap Growth Fund		x
NYLI WMC Enduring Capital Fund		x
NYLI WMC Value Fund		x


Fund	May Rely on Order for Wholly-Owned Subadvisors and Unaffiliated Subadvisors and the Interpretive Relief for Affiliated Subadvisors	May Rely on Order Only for Unaffiliated Subadvisors*	Currently May Not Rely on Order**
NEW YORK LIFE INVESTMENTS FUNDS TRUST
NYLI Balanced Fund		x
NYLI Candriam Emerging Markets Equity Fund	x
NYLI CBRE Global Infrastructure Fund	x
NYLI CBRE Real Estate Fund	x
NYLI Conservative Allocation Fund			x
NYLI Conservative ETF Allocation Fund	x
NYLI Cushing MLP Premier Fund		x

166

Shareholder Guide


Fund	May Rely on Order for Wholly-Owned Subadvisors and Unaffiliated Subadvisors and the Interpretive Relief for Affiliated Subadvisors	May Rely on Order Only for Unaffiliated Subadvisors*	Currently May Not Rely on Order**
NYLI Epoch Capital Growth Fund	x
NYLI Epoch Global Equity Yield Fund		x
NYLI Epoch International Choice Fund		x
NYLI Epoch U.S. Equity Yield Fund		x
NYLI Equity Allocation Fund			x
NYLI Equity ETF Allocation Fund	x
NYLI Fiera SMID Growth Fund	x
NYLI Floating Rate Fund			x
NYLI Growth Allocation Fund			x
NYLI Growth ETF Allocation Fund	x
NYLI MacKay Arizona Muni Fund	x
NYLI MacKay California Muni Fund		x
NYLI MacKay Colorado Muni Fund	x
NYLI MacKay High Yield Muni Bond Fund		x
NYLI MacKay New York Muni Fund		x
NYLI MacKay Oregon Muni Fund	x
NYLI MacKay Short Duration High Income Fund		x
NYLI MacKay Short Term Muni Fund			x
NYLI MacKay Strategic Muni Allocation Fund	x
NYLI MacKay Total Return Bond Fund			x
NYLI MacKay Utah Muni Fund	x
NYLI Moderate Allocation Fund			x
NYLI Moderate ETF Allocation Fund	x
NYLI Short Term Bond Fund			x
NYLI S&P 500 Index Fund			x
NYLI PineStone Global Equity Fund	x
NYLI PineStone International Equity Fund	x
NYLI PineStone U.S. Equity Fund	x
NYLI WMC Growth Fund	x
NYLI WMC International Research Equity Fund		x
NYLI WMC Small Companies Fund		x

* The shareholders of these Funds must separately approve the use of the Order as it relates to Wholly-Owned Subadvisors before it may be relied upon to hire, or to modify existing or future subadvisory agreements with, Wholly-Owned Subadvisors.

** The shareholders of each of these Funds must approve the operation of the respective New York Life Investments Fund in accordance with the Order for the Manager and the New York Life Investments Fund to rely on the Order as it relates to Wholly-Owned Subadvisors and/or unaffiliated subadvisors.

FUND EARNINGS

Dividends and Interest

Most funds earn either dividends from stocks, interest from bonds and other securities, or both. A mutual fund, however, pays this income to you as "dividends." The dividends paid by each New York Life Investments Fund will vary based on the income from its investments and the expenses incurred by the New York Life Investments Fund.

Each Fund reserves the right to automatically reinvest dividend distributions of less than $10.00.

Dividends and Distributions

Each New York Life Investments Fund intends to distribute substantially all of its net investment income and capital gains to shareholders at least once a year to the extent that dividends and/or capital gains are available for distribution. For the purpose of seeking to maintain its share price at $1.00, among other things, the NYLI Money Market Fund will distribute all or a portion of its capital gains and may reduce or withhold any income and/or gains generated by its portfolio. The New York Life Investments Group of Funds declare and pay dividends as set forth below:

Dividends from the net investment income (if any) of the following Funds are declared and paid at least annually:

NYLI Candriam Emerging Markets Equity Fund, NYLI Epoch Capital Growth Fund, NYLI Epoch International Choice Fund, NYLI Equity Allocation Fund, NYLI Equity ETF Allocation Fund, NYLI Fiera SMID Growth Fund, NYLI Growth Allocation Fund, NYLI Growth ETF Allocation Fund, NYLI Moderate Allocation Fund, NYLI Moderate ETF Allocation Fund, NYLI S&P 500 Index Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund, NYLI

167

Shareholder Guide

PineStone U.S. Equity Fund, NYLI Winslow Large Cap Growth Fund, NYLI WMC Enduring Capital Fund, NYLI WMC Growth Fund, NYLI WMC International Research Equity Fund, NYLI WMC Small Companies Fund and NYLI WMC Value Fund

Dividends from the net investment income (if any) of the following Funds are declared and paid at least quarterly:

NYLI Balanced Fund, NYLI CBRE Global Infrastructure Fund, NYLI CBRE Real Estate Fund, NYLI Conservative Allocation Fund, NYLI Conservative ETF Allocation Fund, NYLI Epoch Global Equity Yield Fund, NYLI Epoch U.S. Equity Yield Fund and NYLI MacKay Convertible Fund

Dividends from the net investment income (if any) of the following Funds are declared and paid at least monthly:

NYLI Candriam Emerging Markets Debt Fund, NYLI Cushing MLP Premier Fund, NYLI Income Builder Fund, NYLI MacKay High Yield Corporate Bond Fund, NYLI MacKay Short Duration High Income Fund, NYLI MacKay Strategic Bond Fund, NYLI MacKay Total Return Bond Fund and NYLI Short Term Bond Fund

Dividends from the net investment income (if any) of the following Funds are declared daily and paid at least monthly:

NYLI Floating Rate Fund, NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI MacKay Utah Muni Fund and NYLI Money Market Fund

Dividends are generally paid during the last week of the month after a dividend is declared, except in December when they may be paid earlier in the month.

You generally begin earning dividends the next business day after the New York Life Investments Group of Funds receives your purchase request in good order.

Shareholders generally prefer to buy after the dividend payment. Shareholders may prefer to avoid buying shares shortly before a dividend payment because part of their investment may be returned in the form of a dividend, which may be taxable.

Capital Gains

The New York Life Investments Group of Funds earn capital gains when they sell securities at a profit.

When the Funds Pay Capital Gains

The New York Life Investments Group of Funds will normally declare and distribute any capital gains, if any, to shareholders annually, typically in December.

How to Take Your Earnings

You may receive your portion of New York Life Investments Fund earnings in one of seven ways. You can make your choice at the time of application, and change it as often as you like by notifying your financial adviser (if permitted) or the New York Life Investments Group of Funds directly. The seven choices are:

1. Reinvest dividends and capital gains in:

· the same New York Life Investments Fund; or

· another New York Life Investments Fund of your choice (other than a New York Life Investments Fund that is closed, either to new investors or to new share purchases).

2. Take the dividends in cash and reinvest the capital gains in the same New York Life Investments Fund.

3. Take the capital gains in cash and reinvest the dividends in the same New York Life Investments Fund.

4. Take a percentage of dividends or capital gains in cash and reinvest the remainder in the same New York Life Investments Fund.

5. Take dividends and capital gains in cash.

6. Reinvest all or a percentage of the capital gains in another New York Life Investments Fund of your choice (subject to eligibility requirements and other than a New York Life Investments Fund that is closed, either to new investors or to new share purchases) and reinvest the dividends in the original New York Life Investments Fund.

7. Reinvest all or a percentage of the dividends in another New York Life Investments Fund (other than a New York Life Investments Fund that is closed, either to new investors or to new share purchases) and reinvest the capital gains in the original New York Life Investments Fund.

If you do not make one of these choices on your application, your earnings will be automatically reinvested in the same class of shares of the same New York Life Investments Fund.

If you prefer to reinvest dividends and/or capital gains in another New York Life Investments Fund, you must first establish an account in that class of shares of the New York Life Investments Fund. There is no sales charge on shares purchased through the automatic reinvestment of dividends or capital gains.

168

Shareholder Guide

UNDERSTAND THE TAX CONSEQUENCES

NYLI Candriam Emerging Markets Equity Fund, NYLI Cushing MLP Premier Fund, NYLI International/Global Equity Funds, NYLI Mixed Asset Funds, NYLI Money Market Fund, New York Life Investments Taxable Bond Funds and New York Life Investments U.S. Equity Funds

Distributions received by tax-exempt shareholders will not be subject to federal income tax to the extent permitted under applicable law. If you are not a tax-exempt shareholder virtually all of the dividends and capital gains distributions you receive from the New York Life Investments Group of Funds are subject to tax, whether you take them as cash or automatically reinvest them. Distributions from a New York Life Investments Fund's realized capital gains are subject to tax based on the length of time a New York Life Investments Fund holds its investments, regardless of how long you hold New York Life Investments Fund shares. Generally, if a New York Life Investments Fund realizes long-term capital gains, the capital gains distributions are subject to tax as long-term capital gains; earnings realized from short-term capital gains and income generated on debt investments, dividend income and other sources are generally subject to tax as ordinary income upon distribution.

For individual and certain other non-corporate shareholders, a portion of the dividends received from the New York Life Investments Group of Funds may be treated as "qualified dividend income," which is subject to tax to individuals and certain other non-corporate shareholders at preferential rates, to the extent that such New York Life Investments Group of Funds earn qualified dividend income from domestic corporations and certain qualified foreign corporations and that certain holding period and other requirements are met. Individual and certain other non-corporate shareholders must also generally satisfy a more than 60-day holding period and other requirements with respect to each distribution of qualified dividends in order to qualify for the preferential rates on such distributions. For certain corporate shareholders, a portion of the dividends received from the New York Life Investments Group of Funds may qualify for the corporate dividends received deduction if certain conditions are met. The maximum individual federal income tax rate applicable to qualified dividend income and long-term capital gains is either 15% or 20%, depending on whether the individual’s income exceeds certain threshold amounts.

Under certain circumstances, the NYLI Money Market Fund may impose a liquidity fee on Fund redemptions. A liquidity fee will reduce the amount a shareholder will receive upon the redemption of the shareholder’s shares, and will decrease the amount of any capital gain or increase the amount of any capital loss the shareholder will recognize from such redemption. There is some degree of uncertainty with respect to the tax treatment of liquidity fees received by the Fund, and such tax treatment may be the subject of future guidance issued by the IRS. If a Fund earns liquidity fees, it will consider the appropriate tax treatment of such fees to the Fund at such time. Please see the section entitled “Information on Liquidity Fees for the NYLI Money Market Fund” above for additional information regarding liquidity fees.

New York Life Investments Tax-Exempt Funds

The New York Life Investments Tax-Exempt Funds’ distributions to shareholders are generally expected to be exempt from regular federal income taxes, and in the case of NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund, Arizona, California, Colorado, New York, Oregon and Utah personal income taxes, respectively. A portion of the distributions may be subject to the alternative minimum tax. In addition, these New York Life Investments Group of Funds may also derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains would generally be subject to tax whether you take them as cash or automatically reinvest them. These New York Life Investments Group of Funds' realized earnings, if any, from capital gains are subject to tax based on the length of time such New York Life Investments Fund holds investments, regardless of how long you hold New York Life Investments Fund shares. If any of the New York Life Investments Tax-Exempt Funds realize long-term capital gains, the earnings distributions are subject to tax as long-term capital gains; earnings from short-term capital gains and taxable income generated on debt investments and other sources are generally subject to tax as ordinary income upon distribution. Interest on indebtedness incurred or continued to be incurred by a shareholder of a New York Life Investments Tax-Exempt Fund to purchase or carry shares of such a Fund is not deductible to the extent it is deemed related to the Fund’s distributions from tax-exempt income.

"Tax-Free" Rarely Means "Totally Tax-Free"

· A tax-free fund or municipal bond fund may earn taxable income—in other words, you may have taxable income even from a generally tax-free fund.

· Tax-exempt dividends may still be subject to state and local taxes.

· Any time you sell shares—even shares of a tax-free fund—you will generally be subject to tax on any gain (the rise in the share price above the price at which you purchased the shares).

· If you sell shares of a tax-free fund at a loss after receiving a tax-exempt dividend, and you have held the shares for six months or less, then you may not be allowed to claim a loss on the sale.

· Some tax-exempt income may be subject to the alternative minimum tax.

· Capital gains declared in a tax-free fund are not tax-free.

169

Shareholder Guide

· Acquisitions of municipal securities at a market discount may also result in ordinary income.

NYLI MacKay Arizona Muni Fund

NYLI MacKay Arizona Muni Fund intends to provide shareholders with current income exempt from federal and Arizona personal income tax. It is anticipated that the Fund will qualify to pay dividends that are exempt from regular federal income tax (exempt-interest dividends). In general, shareholders of the Fund will not be subject to Arizona personal income tax or Arizona corporate income tax on exempt-interest dividends received from the Fund to the extent such dividends are attributable to interest on tax-exempt obligations of the State of Arizona and its political subdivisions. Other distributions of the Fund, including distributions attributable to capital gains, will generally be subject to Arizona personal income tax and Arizona corporate income tax. Interest on indebtedness incurred or continued by a shareholder of the NYLI MacKay Arizona Muni Fund to purchase or carry shares of the Fund generally will not be deductible for purposes of Arizona personal income tax or Arizona corporate income tax. Prospective shareholders should consult their tax advisers about these and any other state and local tax consequences of investing in the NYLI MacKay Arizona Muni Fund.

NYLI MacKay California Muni Fund

So long as, at the close of each quarter of the NYLI MacKay California Muni Fund’s taxable year, at least 50% of the value of the NYLI MacKay California Muni Fund’s assets consists of California municipal bonds, distributions not exceeding the interest received on such California municipal bonds less deductible expenses allocable to such interest will be treated as interest excludable from the income of California residents for purposes of the California personal income tax. Such distributions paid to a shareholder subject to the California corporate franchise tax will be taxable as ordinary income for purposes of such tax. Interest income from other investments may produce taxable dividend distributions. If you are subject to income tax in a state other than California, distributions derived from interest on California municipal bonds may, depending on the treatment of out-of-state municipal bonds by that state, not be exempt from tax in that state. Distributions of taxable income and capital gains will be subject to tax at ordinary income tax rates for California state income tax purposes. Interest on indebtedness incurred or continued by a shareholder of the NYLI MacKay California Muni Fund to purchase or carry shares of that Fund generally will not be deductible for California personal income tax purposes. Interest on indebtedness incurred or continued to be incurred by a shareholder of NYLI MacKay California Muni Fund to purchase or carry shares of the Fund is not deductible to the extent that it is deemed related to the Fund’s distributions from tax-exempt income.

NYLI MacKay Colorado Muni Fund

NYLI MacKay Colorado Muni Fund seeks to provide shareholders with current income exempt from federal and Colorado income tax. It is anticipated that the Fund will qualify to pay dividends of interest income that are exempt from regular federal income tax (exempt-interest dividends). Exempt-interest dividends paid by the Fund generally should not be subject to Colorado income tax to the extent such dividends are attributable to interest income on obligations of the State of Colorado or any political subdivisions thereof. Other distributions of the Fund, including distributions attributable to capital gains, will generally be subject to Colorado personal income tax and Colorado corporate income tax. Some such exempt-interest dividends may be taken into account in determining the Colorado alternative minimum tax (AMT) for individuals, estates and trusts. The Colorado AMT does not apply to corporate taxpayers. Interest on indebtedness incurred or continued by a shareholder of the NYLI MacKay Colorado Muni Fund to purchase or carry shares of the Fund generally will not be deductible for Colorado income tax purposes. Prospective shareholders should consult their tax advisers about these and any other state and local tax consequences of investing in the NYLI MacKay Colorado Muni Fund.

NYLI MacKay New York Muni Fund

NYLI MacKay New York Muni Fund seeks to comply with certain state tax requirements so that individual shareholders of NYLI MacKay New York Muni Fund that are residents of New York State will not be subject to New York State income tax on distributions that are derived from interest on obligations exempt from taxation by New York State. To meet those requirements, NYLI MacKay New York Muni Fund will invest in New York State or municipal bonds. Individual shareholders of NYLI MacKay New York Muni Fund who are residents of New York City will also be able to exclude such distributions for New York City personal income tax purposes. Distributions by NYLI MacKay New York Muni Fund derived from interest on obligations exempt from taxation by New York State may be subject to New York State and New York City taxes imposed on corporations. If you are subject to tax in a state other than New York, any distributions by the Fund derived from interest in New York municipal bonds may, depending on the treatment of out-of-state municipal bonds by that state, not be exempt from tax in that state. Interest on indebtedness incurred or continued to be incurred by a shareholder of the NYLI MacKay New York Muni Fund to purchase or carry shares of that Fund is not deductible to the extent it is deemed related to the Fund’s distributions from tax-exempt income.

NYLI MacKay Oregon Muni Fund

NYLI MacKay Oregon Muni Fund seeks to provide shareholders with current income exempt from federal and Oregon income tax. It is anticipated that the Fund will qualify to pay dividends that are exempt from regular federal income tax (exempt-interest dividends). Such distributions will also be exempt from Oregon personal income tax to the extent they are attributable to interest on (i) obligations issued by or on behalf of the State of Oregon and its political subdivisions, and (ii) obligations of any authority, commission, instrumentality and territorial possession of the United States that by the laws of the United Sate are exempt from federal income tax but not from state income taxes. Other distributions of the Fund, including distributions attributable to capital gains, will generally be subject to Oregon personal income tax. Interest on indebtedness incurred or continued by a shareholder of the NYLI MacKay Oregon Muni Fund to purchase

170

Shareholder Guide

or carry shares of the Fund generally will not be deductible for Oregon personal income tax purposes. In general, distributions by the Fund, including exempt-interest dividends, are not exempt for purposes of the Oregon corporate income and excise taxes. Oregon also imposes a “corporate activity tax” (CAT), which is a gross receipts tax whose applicability is not limited to corporations as its name implies. The CAT is imposed on corporate and non-corporate businesses for the privilege of doing business in Oregon and is measured by the gross receipts (subject to certain exclusions) that a business realizes from transactions and activity in Oregon. While interest and dividend income are generally exempt from the Oregon CAT, other distributions from the Fund may not be exempt. Prospective shareholders should consult their tax advisers about these and other state and local tax consequences of investing in the NYLI MacKay Oregon Muni Fund.

NYLI MacKay Short Term Muni Fund

NYLI MacKay Short Term Muni Fund will normally invest at least 80% of its assets (net assets plus any borrowings for investment purposes) in an actively managed, diversified portfolio of tax-exempt municipal debt securities, including securities with special features (e.g., puts and variable or floating rates) which have price volatility characteristics similar to debt securities. At least 50% of the NYLI MacKay Short Term Muni Fund’s total assets must be invested in tax-exempt municipal securities as of the end of each fiscal quarter in order for the NYLI MacKay Short Term Muni Fund to be able to pay distributions from its net tax-exempt income. Although the NYLI MacKay Short Term Muni Fund normally will seek to qualify to pay distributions from its net tax-exempt income, there is no guarantee that the NYLI MacKay Short Term Muni Fund will achieve such result. Distributions of net income from taxable bonds would be taxable as ordinary income. All distributions by the NYLI MacKay Short Term Muni Fund, including any distributions from tax-exempt income, may be includible in taxable income for purposes of the federal alternative minimum tax. Interest on indebtedness incurred or continued to be incurred by a shareholder of a NYLI MacKay Short Term Muni Fund to purchase or carry shares of that Fund is not deductible to the extent it is deemed related to the NYLI MacKay Short Term Muni Fund’s distributions from tax-exempt income.

NYLI MacKay Utah Muni Fund

NYLI MacKay Utah Muni Fund intends to provide shareholders with current income exempt from federal and Utah personal income tax. It is anticipated that the Fund will qualify to pay dividends of interest income that are exempt from regular federal income tax (exempt-interest dividends). Such dividends will also be exempt from Utah personal income tax to the extent they are attributable to interest income on (i) obligations of the State of Utah and its political subdivisions, agencies and public authorities and of certain other federal government issuers, the interest on which is exempt, in the opinion of bond counsel or other appropriate counsel, from regular federal income tax and Utah state personal income tax, and (ii) obligations issued by other states, the interest on which is exempt, in the opinion of bond counsel or other appropriate counsel, from regular federal income tax and, pursuant to Utah statutory authority, from Utah personal (but not corporate) income taxes. The Utah State Tax Commission previously provided an administrative determination identifying those states (consisting of states that do not impose personal income tax on interest from Utah obligations), but has ceased providing that guidance. There can be no certainty as to the ongoing exemption from Utah personal income tax of the interest on obligations of states other than Utah. Other distributions from the Fund generally will not be exempt from Utah income tax. Distributions of interest income by the NYLI MacKay Utah Muni Fund are generally not exempt from the Utah corporate franchise and income tax, although Utah may allow a partial tax credit for such amounts. Prospective shareholders of the NYLI MacKay Utah Muni Fund should consult their tax advisers about these and other state and local tax consequences of investing in the Fund.

New York Life Investments Asset Allocation Funds and New York Life Investments ETF Asset Allocation Funds

Distributions received by tax-exempt shareholders will not be subject to federal income tax to the extent permitted under applicable tax law. If you are not a tax-exempt shareholder, virtually all of the dividends and capital gains distributions you receive from the New York Life Investments Asset Allocation Funds and New York Life Investments ETF Asset Allocation Funds are subject to tax, whether you take them as cash or automatically reinvest them. These Funds can have income, gains or losses from any distributions or redemptions in the Underlying Funds and Underlying ETFs. Distributions of the long-term capital gains of the New York Life Investments Asset Allocation Funds, New York Life Investments ETF Asset Allocation Funds or Underlying Funds and Underlying ETFs will generally be subject to tax as long-term capital gains. The maximum individual federal income tax rate applicable to long-term capital gains is either 15% or 20%, depending on whether the individual’s income exceeds certain threshold amounts. Other distributions, including short-term capital gains, will be subject to tax as ordinary income. The structure of these Funds and the reallocation of investments among Underlying Funds and Underlying ETFs could affect the amount, timing and character of distributions.

For individual and certain other non-corporate shareholders, a portion of the dividends received from the New York Life Investments Asset Allocation Funds and New York Life Investments ETF Asset Allocation Funds may be treated as "qualified dividend income," which is currently taxable to individuals at preferential rates, to the extent that the Underlying Funds and Underlying ETFs earn qualified dividend income from domestic corporations and certain qualified foreign corporations and that certain holding periods and other requirements are met. The shareholder must also satisfy a more than 60-day holding period and other requirements with respect to each distribution of qualified dividends in order to qualify for the preferential rates on such distributions. For U.S. corporate shareholders, a portion of the dividends received from the New York Life Investments Asset Allocation Funds and New York Life Investments ETF Asset Allocation Funds may qualify for the corporate dividends received deduction. The maximum individual federal income tax rate applicable to “qualified dividend income” is either 15% or 20%, depending on whether the individual’s income exceeds certain threshold amounts.

171

Shareholder Guide

NYLI Cushing MLP Premier Fund

As a regulated investment company ("RIC"), the Fund generally will not pay corporate-level federal income taxes on any ordinary income or capital gains that is distributed to shareholders as dividends. To obtain and maintain the federal income tax benefits of RIC status, the Fund must meet specified source-of-income and asset diversification requirements and distribute annually an amount equal to at least 90% of the sum of net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of assets legally available for distribution. In accordance with the tax requirements applicable to a RIC, the Fund will, as of the end of each quarter of its taxable year going forward, invest no more than 25% of the value of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships, which are treated as partnerships for U.S. federal income tax purposes and are defined more specifically in the provisions applicable to RICs.

To the extent that the MLP Premier Fund invests in the equity securities of an MLP, the MLP Premier Fund will be a partner in such MLP. Accordingly, the MLP Premier Fund will be required to include in its taxable income the MLP Premier Fund’s allocable share of the income, gains, losses, deductions and expenses recognized by each such MLP, regardless of whether the MLP distributes cash to the MLP Premier Fund. Based upon a review of the historic results of the type of MLPs in which the MLP Premier Fund intends to invest, the MLP Premier Fund expects that the cash distributions it will receive with respect to an investment in equity securities of MLPs will exceed the taxable income allocated to the MLP Premier Fund from such MLPs.

The MLP Premier Fund will recognize a gain or loss on the sale, exchange or other taxable disposition of an equity security of an MLP equal to the difference between the amount realized by the MLP Premier Fund on the sale, exchange or other taxable disposition and the MLP Premier Fund’s adjusted tax basis in such equity security. The amount realized by the MLP Premier Fund generally will be the amount paid by the purchaser of the equity security plus the MLP Premier Fund’s allocable share, if any, of the MLP’s debt that will be allocated to the purchaser as a result of the sale, exchange or other taxable disposition. The MLP Premier Fund’s tax basis in its equity securities in an MLP is generally equal to the amount the MLP Premier Fund paid for the equity securities, (a) increased by the MLP Premier Fund’s allocable share of the MLP’s net taxable income and certain MLP nonrecourse debt, if any, and (b) decreased by the MLP Premier Fund’s allocable share of the MLP’s net losses, any decrease in the amount of MLP nonrecourse debt allocated to the MLP Premier Fund, and any distributions received by the MLP Premier Fund from the MLP. Depreciation or other cost recovery deductions passed through to the Fund from investments in MLPs in a given year will generally reduce the Fund's taxable income (and earnings and profits), but those deductions may be recaptured in the Fund's income (and earnings and profits) in subsequent years when the MLPs dispose of their assets or when the Fund disposes of its interests in the MLPs. When deductions are recaptured, the Fund may realize taxable income and distributions to the Fund's shareholders may be taxable, even though the shareholders at the time of the recapture might not have held Shares in the Fund at the time the deductions were taken by the Fund, and even though the Fund does not have corresponding economic gain on its investment at the time of the recapture. Such taxable income from recapture may be realized even if an MLP interest is sold at a loss or may exceed the gain if the MLP interest is sold at a gain. Losses allocated to the Fund from one MLP investment will carry forward as separate passive activity losses until such investment generates income or is itself sold, with such losses not being available in the meantime to offset income or gains allocated to the Fund from other MLP investments. Any distribution by an MLP to the MLP Premier Fund in excess of the MLP Premier Fund’s allocable share of such MLP’s net taxable income will decrease the MLP Premier Fund’s tax basis in the MLP equity security and, as a result, increase the amount of gain (or decrease the amount of loss) that will be recognized on the sale of the equity security in the MLP by the MLP Premier Fund. If the MLP Premier Fund is required to sell equity securities in the MLPs to meet redemption requests, the MLP Premier Fund likely will recognize income and/or realized gain or losses for U.S. federal income tax purposes.

The MLP Premier Fund’s investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iii) cause the MLP Premier Fund to recognize income or gain without a corresponding receipt of cash, (iv) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, and (v) adversely alter the characterization of certain complex financial transactions.

Tax Reporting and Withholding (All Funds)

We will mail your tax report for each calendar year by February 15 of the following calendar year. This report will tell you which dividends and redemption proceeds should be treated as taxable ordinary income, which portion, if any, as exempt-interest dividends, which portion, if any, as qualified dividends, and which portion, if any, as long-term capital gains.

For New York Life Investments Fund shares acquired January 1, 2012 or later, cost basis will be reported to you and the IRS for any IRS Form 1099-B reportable transactions (e.g., redemptions and exchanges). The cost basis accounting method you select will be used to report transactions. If you do not select a cost basis accounting method, the New York Life Investments Group of Funds’ default method (i.e., average cost if available) will be used.

The New York Life Investments Group of Funds may be required to withhold U.S. federal income tax, currently at the rate of 24%, of all taxable distributions payable to you if you fail to provide the New York Life Investments Group of Funds with your correct taxpayer identification number or fail to make required certifications, or if you have been notified by the IRS that you are subject to backup

172

Shareholder Guide

withholding. Such withholding is not an additional tax and any amounts withheld may be credited against your U.S. federal income tax liability.

Non-U.S. shareholders will generally be subject to U.S. tax withholding at the rate of 30% (or a lower rate under a tax treaty if applicable) on dividends paid by the New York Life Investments Group of Funds.

The New York Life Investments Group of Funds is required to withhold U.S. tax (at a 30% rate) on payments of taxable dividends made to certain entities that fail to comply (or to be deemed compliant) with extensive reporting and withholding requirements in the Internal Revenue Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to the Funds to enable the New York Life Investments Group of Funds to determine whether withholding is required.

Return of Capital (All Funds)

If a New York Life Investments Fund's distributions exceed its taxable income and capital gains realized in any year, such excess distributions generally will constitute a return of capital for federal income tax purposes. A return of capital generally will not be taxable to you at the time of the distribution, but will reduce the cost basis of your shares and result in a higher reported capital gain or a lower reported capital loss when you sell shares.

Tax Treatment of Exchanges (All Funds)

An exchange of shares of one New York Life Investments Fund for shares of another generally will be treated as a sale of shares of the first New York Life Investments Fund and a purchase of shares of the second New York Life Investments Fund. Any gain or loss on the transaction will be tax reportable by a shareholder if you are not a tax-exempt shareholder.

Medicare Tax (All Funds)

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a New York Life Investments Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds certain threshold amounts.

General U.S. Tax Treatment U.S. Nonresident Shareholders (All Funds)

Non-U.S. shareholders generally will be subject to U.S. federal withholding tax at the rate of 30% on distributions treated as ordinary income, and may be subject to estate tax with respect to their New York Life Investments Fund shares. However, non-U.S. shareholders may not be subject to U.S. federal withholding tax on certain distributions derived from certain U.S. source interest income and/or certain short-term capital gains earned by the New York Life Investments Fund, to the extent reported by the New York Life Investments Fund. There can be no assurance as to whether any of a New York Life Investments Group of Fund’s distributions will be eligible for this exemption from withholding of U.S. federal income tax or, if eligible, will be reported as such by the New York Life Investments Group of Funds. Moreover, depending on the circumstances, a New York Life Investments Fund may report all, some or none of the New York Life Investments Fund’s potentially eligible dividends as derived from such U.S. interest income or from such short-term capital gains, and a portion of the New York Life Investments Group of Fund’s distributions (e.g., interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding when paid to non-U.S. shareholders.

Non-U.S. shareholders who fail to furnish any New York Life Investments Fund with the proper IRS Form W-8 (i.e., IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP), or an acceptable substitute, may be subject to backup withholding (currently at a rate of 24%) rate on dividends (including capital gain dividends) and on the proceeds of redemptions and exchanges. The New York Life Investments Group of Funds is also required to withhold U.S. tax (at a 30% rate) on payments of dividends made to certain non-U.S. shareholders that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements in the Internal Revenue Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to determine whether such withholding is required. Non-U.S. shareholders are advised to consult with their own tax advisors with respect to the particular tax consequences to them of an investment in the New York Life Investments Group of Funds.

Seek professional assistance. Your financial adviser can help you keep your investment goals coordinated with your tax considerations. However, regarding tax advice, always rely on your tax advisor. For additional information on federal, state and local taxation, see the SAI.

Do not overlook sales charges. The amount you pay in sales charges reduces gains and increases losses for tax purposes.

173

Know With Whom You Are Investing

WHO RUNS THE FUNDS' DAY-TO-DAY BUSINESS?

The Board oversees the actions of the Manager, the Subadvisors and the Distributor and decides on general policies governing the operations of the Funds. The Board also oversees the Funds' officers, who conduct and supervise the daily business of the Funds.

New York Life Investments is located at 51 Madison Avenue, New York, New York 10010. New York Life Investments, a Delaware limited liability company, commenced operations in April 2000 and is an indirect, wholly-owned subsidiary of New York Life. As of December 31, 2024, New York Life Investments and its affiliates managed approximately $740 billion in assets.

In accordance with the stated investment objectives, policies and restrictions of the Funds and subject to the oversight of the Board, the Manager provides various advisory services to the Funds. The Manager is responsible for, among other things, managing all aspects of the advisory operations of each Fund and the composition of the investment portfolio of each Fund. The Manager has delegated certain advisory duties with regard to certain Funds (including management of all or a portion of a Fund’s assets) to the Subadvisors. The Manager supervises the services provided by the Subadvisors by performing due diligence, evaluating the performance of the Subadvisors and periodically reporting to the Board regarding the results of the Manager’s evaluation and monitoring functions. The Manager periodically makes recommendations to the Board regarding the renewal, modification or termination of agreements with the Subadvisors.

The Manager is responsible for providing (or procuring) certain administrative services, such as furnishing the Funds with office facilities and ordinary clerical, bookkeeping and recordkeeping services. In addition, the Manager is responsible for maintaining certain financial, accounting and other records for the Funds and providing various compliance services.

The Manager pays the Funds' Chief Compliance Officer’s compensation (a portion of which may be reimbursed by the Funds), the salaries and expenses of all personnel affiliated with the Funds, except for the independent members of the Board, and all operational expenses that are not the responsibility of the Funds, including the fees paid to the Subadvisors. Pursuant to a management agreement with each Fund, the Manager is entitled to receive fees from each Fund, accrued daily and payable monthly.

For the fiscal year ended October 31, 2024, each Fund paid the Manager an effective management fee (exclusive of any applicable waivers / reimbursements) for services performed as a percentage of the average daily net assets of the Fund as follows:


	Effective Rate Paid for the Year Ended October 31, 2024
NYLI Candriam Emerging Markets Equity Fund	1.00%
NYLI Epoch Capital Growth Fund	0.75%
NYLI Epoch Global Equity Yield Fund	0.70%
NYLI Epoch International Choice Fund	0.80%
NYLI Epoch U.S. Equity Yield Fund	0.69%
NYLI Fiera SMID Growth Fund	0.75%
NYLI PineStone Global Equity Fund	0.80%
NYLI PineStone International Equity Fund	0.80%
NYLI PineStone U.S. Equity Fund	0.55%
NYLI S&P 500 Index Fund	0.16%
NYLI Winslow Large Cap Growth Fund	0.61%
NYLI WMC Enduring Capital	0.55%
NYLI WMC Growth Fund	0.68%
NYLI WMC International Research Equity Fund	0.75%
NYLI WMC Small Companies Fund	0.80%
NYLI WMC Value Fund	0.66%

For information regarding the basis of the Board's approval of the management agreement and subadvisory agreement(s) for each Fund (except for NYLI Fiera SMID Growth Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund), please refer to each Fund's Semiannual Report to shareholders for the fiscal period ended April 30, 2024. For information regarding the basis of the Board's approval of the management agreements and subadvisory agreements for NYLI Fiera

174

Know With Whom You Are Investing

SMID Growth Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund, please refer to each Fund's report to shareholders for the fiscal year ended October 31, 2023.

The Manager is not responsible for records maintained by the Subadvisors, custodian, transfer agent or dividend disbursing agent except to the extent expressly provided in the management agreement between the Manager and the Funds.

Pursuant to an agreement with New York Life Investments, JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, New York 10179 ("JPMorgan") provides sub-administration and sub-accounting services for the Funds. These services include, among other things, calculating daily NAVs of the Funds, maintaining general ledger and sub-ledger accounts for the calculation of the Funds' respective NAVs, and assisting New York Life Investments in conducting various aspects of the Funds' administrative operations. For providing these services to the Funds, JPMorgan is compensated by New York Life Investments.

ADDITIONAL INFORMATION REGARDING FEE WAIVERS

Voluntary

Except as otherwise stated, each voluntary waiver or reimbursement discussed below may be discontinued at any time.

New York Life Investments has agreed to voluntarily waive fees and/or reimburse expenses of the appropriate class of certain NYLI Funds so that the Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase and sale of portfolio investments, and acquired (underlying) fund fees and expenses) of a class do not exceed the percentages of average daily net assets set forth below.

NYLI S&P 500 Index Fund: Investor Class, 0.70%; and SIMPLE Class, 0.95%

NYLI Winslow Large Cap Growth Fund: Class R1, 0.95%

NYLI WMC International Research Equity Fund: Investor Class, 1.95%; and Class C, 2.70%

Prior to the effective date of their current voluntary expense waiver/reimbursement arrangements, certain NYLI Funds had different arrangements in place.

Contractual

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses of the appropriate class of certain NYLI Funds so that the 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) of a class do not exceed the percentages of average daily net assets set forth below:

NYLI Candriam Emerging Markets Equity Fund: Class A, 1.50%, Class I, 1.01%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points as the Class A shares waiver/reimbursement, to Class C and Investor Class shares.

NYLI Epoch Capital Growth Fund: Class A, 1.15%, Class I, 0.90%.

NYLI Epoch Global Equity Yield Fund: Class A, 1.09%, Class C, 1.84%, Class I, 0.84%, Class R6, 0.74%.

NYLI Epoch International Choice Fund: Class I, 0.95%.

NYLI Epoch U.S. Equity Yield Fund: Class I, 0.73%.

NYLI Fiera SMID Growth Fund: Class A, 1.15%, Class C, 2.05%, Class I, 0.85%, Class R6, 0.84%.

NYLI PineStone Global Equity Fund: Class A, 1.10%, Class C, 2.00.%, Class I, 0.85%, Class R6, 0.84%, Class P, 0.85%.

NYLI PineStone International Equity Fund: Class A, 1.20%, Class C, 2.29%, Class I, 0.85%, Investor Class, 1.54%, Class R6, 0.80%, Class P, 0.85%.

NYLI PineStone U.S. Equity Fund: Class A, 0.99%, Class C, 1.89%, Class I, 0.74%, Class R6, 0.73%, Class P, 0.74%.

NYLI S&P 500 Index Fund: Class A, 0.60%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points as the Class A shares waiver/reimbursement, to Class I, Investor Class and SIMPLE Class shares.

NYLI Winslow Large Cap Growth Fund: Class I, 0.88%.

NYLI WMC Growth Fund: Class I, 0.75%.

NYLI WMC International Research Equity Fund: Class A, 1.18%, Class I, 0.86%.

NYLI WMC Value Fund: Class I, 0.70%.

175

Know With Whom You Are Investing

With respect to the NYLI Winslow Large Cap Growth Fund, New York Life Investments has agreed to waive a portion of its management fee so that the management fee does not exceed 0.550% on assets $11 billion and $13 billion, and 0.525% on assets over $13 billion.

Except for the NYLI PineStone International Equity Fund, these agreements will remain in effect until February 28, 2026, and shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Funds. With respect to the NYLI PineStone International Equity Fund, the agreement will remain in effect until February 28, 2028 and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

176

Know With Whom You Are Investing

All Funds

Except as otherwise stated in this Prospectus, New York Life Investments has contractually agreed to 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) of Class R6 do not exceed those of Class I.

New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that the transfer agency expenses charged to any Fund’s share class 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 reimbursements or small account fees.

WHO MANAGES YOUR MONEY?

New York Life Investments serves as Manager of the Funds.

Under the supervision of the Manager, the Subadvisors listed below are responsible for making the specific decisions about the following: (i) buying, selling and holding securities; (ii) selecting brokers and brokerage firms to trade for them; (iii) maintaining accurate records; and, if possible, (iv) negotiating favorable commissions and fees with the brokers and brokerage firms for all the Funds they oversee. For these services, each Subadvisor is paid a monthly fee by the Manager out of its management fee, not by the Funds. See the SAI for a breakdown of fees.

Candriam has its principal office at 19-21 route d’Arlon L-8009 Strassen, Luxembourg. As of December 31, 2024, Candriam had $160 billion in assets under supervision, which included $129 billion in regulatory assets under management. The remainder consisted of other non-discretionary advisory or related services. Candriam is an indirect majority-owned subsidiary of New York Life. Candriam is the subadvisor to the NYLI Candriam Emerging Markets Equity Fund.

Epoch Investment Partners, Inc. ("Epoch") is located at 1 Vanderbilt Avenue, New York, New York 10017. Epoch is an indirect, wholly-owned subsidiary of The Toronto Dominion Bank. As of December 31, 2024, Epoch managed approximately $33 billion in assets. Epoch is the subadvisor to the NYLI Epoch Capital Growth Fund, NYLI Epoch Global Equity Yield Fund, NYLI Epoch International Choice Fund and NYLI Epoch U.S. Equity Yield Fund.

Fiera Capital Inc. (“Fiera Capital”) is located at 375 Park Avenue, 8th Floor, New York, New York 10152, and provides day-to-day management of the investments of the Fund, subject to the oversight of the Advisor. As of November 30, 2024, Fiera Capital had $120.33 billion in regulatory assets under management. Fiera Capital is the subadvisor to the NYLI Fiera SMID Growth Fund.

PineStone Asset Management Inc. (“PineStone”) is located at 1981 McGill College Avenue, Suite 1600 Montreal, Québec H3A 2Y1. As of December 31, 2024, PineStone manages approximately $54.9 billion in assets. PineStone is the subadvisory to NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund.

Wellington Management Company LLP (“Wellington”) has its principal offices at 280 Congress Street, Boston, Massachusetts 02210. As of December 31, 2024, Wellington had over $1.295 trillion of assets under management. Wellington is the subadvisor to the NYLI WMC Enduring Capital Fund, NYLI WMC Growth Fund, NYLI WMC International Research Equity Fund, NYLI WMC Small Companies Fund and NYLI WMC Value Fund.

Winslow Capital Management, LLC ("Winslow Capital") is located at 4400 IDS Center, 80 South Eighth Street, Minneapolis, Minnesota 55402. Winslow Capital has been an investment adviser since 1992, and is a wholly-owned subsidiary of Nuveen, LLC (“Nuveen”). As of October 1, 2014, Nuveen is an indirect subsidiary of TIAA. As of December 31, 2024, Winslow Capital managed approximately $32.3 billion in assets. Winslow is the subadvisor to the NYLI Winslow Large Cap Growth Fund.

PORTFOLIO MANAGER BIOGRAPHIES

The following section provides biographical information about the Funds' portfolio managers. Additional information regarding the portfolio managers' compensation, other accounts managed and ownership of shares of the Funds is available in the SAI.



Greg Barrato	Mr. Barrato has managed the NYLI S&P 500 Index Fund since 2023. Mr. Barrato is a Director at New York Life Investment Management LLC and has been with the firm or its predecessors since 2011. Previously, Mr. Barrato served as Head Global Equity Trader and Trader at Lucerne Capital Management, LLC from 2008 to 2010 and Assistant Trader and Operations Manager at ReachCapital Management, LP from 2004 to 2008. Mr. Barrato is a graduate of the University of Connecticut.

177

Know With Whom You Are Investing


Steven D. Bleiberg	Mr. Bleiberg has been a portfolio manager of NYLI Epoch Capital Growth Fund since 2016. Mr. Bleiberg joined Epoch Investment Partners in 2014, where he is Managing Director and Portfolio Manager. Prior to joining Epoch, Mr. Bleiberg was a portfolio manager with Legg Mason. Mr. Bleiberg holds an AB from Harvard and an MS from the Sloan School of Management at MIT with a concentration in Finance.

William J. Booth, CFA	Mr. Booth has been a portfolio manager of the NYLI Epoch International Choice Fund since 2017. Mr. Booth joined Epoch in 2009, where he is a Managing Director, Co-Chief Investment Officer and Portfolio Manager. Prior to joining Epoch, Mr. Booth was a consumer and retail analyst at PioneerPath Capital, which is a long/short equity hedge fund. Mr. Booth holds a BS in Chemical Engineering from Yale University and an MBA from New York University’s Leonard N. Stern School of Business. He also holds the Chartered Financial Analyst^® (“CFA^®”) designation.

Patrick M. Burton, CFA	Mr. Burton is a Senior Managing Director and Portfolio Manager of Winslow Capital and has been with the firm since 2010. Mr. Burton has been part of the investment management team for the NYLI Winslow Large Cap Growth Fund since 2013. Prior to joining Winslow Capital, Mr. Burton was a Senior Equity Research Analyst at Thrivent Asset Management from 2009 to 2010. Prior to that, Mr. Burton was a Managing Director with Citigroup Investments from 1999 to 2009. Mr. Burton received his BS with distinction in Finance from the University of Minnesota. He is also a CFA^® charterholder.

Peter W. Carpi, CFA	Mr. Carpi has managed the NYLI WMC Small Companies Fund since 2021. He is a Senior Managing Director and Portfolio Manager and re-joined Wellington in 2005. Mr. Carpi has been in the investment management industry since 2000. He earned his MBA from Stanford University (2005) and his BSE in electrical engineering from the University of Pennsylvania (Moore, 2000). Additionally, Mr. Carpi holds the Chartered Financial Analyst designation

Andrew Chan, CIM	Mr. Chan has managed the NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund since 2023. Mr. Chan assisted in the founding of PineStone Asset Management Inc. and serves as the firm’s Head of Research. Prior to assisting in founding PineStone Asset Management Inc. in 2021, Mr. Chan was a Vice-President, Director of Research of the Global Equity Team at Fiera Capital. Prior to joining Fiera Capital in 2009, Mr. Chan was a Senior Analyst covering U.S. Small Cap equities at Van Berkom and Associates from 2007 to 2009. Prior to that, Mr. Chan was a Research Analyst covering Global equities at Montrusco Bolton from 2005 to 2007. Prior to Montrusco Bolton, Mr. Chan was a Research Analyst at Van Berkom and Associates from 2001 to 2003. Mr. Chan received his BComm from McGill University in 2000 and his MSc. from HEC Montreal in 2005.

David Cook, CFA	Mr. Cook has managed the NYLI Fiera SMID Growth Fund since 2023. He is a Vice-President and Portfolio Manager at Fiera Capital Inc. He joined in 2018 from Federated Investors, where he worked as a midcap portfolio manager and as a healthcare analyst for over 17 years. Mr. Cook has covered healthcare stocks extensively throughout his career, including at some of his previous firms (Founders Asset Management and Fifth Third Bank). His buy side experience encompasses both long only funds as well as absolute return funds. Mr. Cook holds the CFA designation, and has an MBA from the Weatherhead School of Management at the Case Western Reserve University and a BA in Economics from Miami (OH) University.

178

Know With Whom You Are Investing


Peter A. Dlugosch	Mr. Dlugosch is a Managing Director, Portfolio Manager and Analyst of Winslow Capital and has been with the firm since 2013. He has managed the NYLI Winslow Large Cap Growth Fund since 2022. Prior to joining Winslow Capital, he was an Executive Director, Institutional Equity Sales & Trading at UBS Investment Bank in Boston. Mr. Dlugosch earned his BS in Business Administration-Finance from Villanova University.

David B. DuBard, CFA	Mr. DuBard has managed the NYLI WMC Small Companies Fund since 2023. He is an equity portfolio manager on the Wellington Emerging Companies Team. Prior to joining Wellington in 1992, Mr. DuBard worked in the research department at Morgan Keegan and Company from 1988 to 1989, analyzing energy, bank, and airline equities. Mr. DuBard earned his MBA, with a concentration in finance, from the University of Pennsylvania (Wharton) and his BA in economics and business administration from Rhodes College. Additionally, he holds the Chartered Financial Analyst designation and is a member of the CFA Society Boston.

Betsy M. George	Ms. George has managed NYLI WMC Value Fund since 2024. She is Managing Director and Equity Research Analyst and joined Wellington in 2017. Ms. George has been in the investment management industry since 2004. She earned an MBA from Harvard Business School and a BS in economics, with honors, from the Wharton School at the University of Pennsylvania.

Ravi Gill, CFA	Mr. Gill has managed the NYLI WMC Value Fund since 2024. He joined Wellington in 2019 and is currently a Managing Director and Equity Research Analyst. Prior to joining Wellington, he worked as a research analyst at Capital Group from 2013 to 2018. Mr. Gill earned his MSc in accounting and BBA in finance and investments, summa cum laude, from Baruch College of the City University of New York. Additionally, Mr. Gill holds the Chartered Financial Analyst designation and is a member of the CFA^® Institute.

Steven M. Hamill, CFA	Mr. Hamill has been a portfolio manager of the NYLI Winslow Large Cap Growth Fund since 2023. He joined Winslow Capital in 2006 and is currently a Senior Managing Director. Prior to joining Winslow Capital, he was a Senior Analyst at Piper Jaffray and RBC Capital Markets providing research on the medical device industry. He also served as a Manager at Arthur Andersen. Mr. Hamill graduated Magna Cum Laude with a BS in Honors Economics & Finance from Marquette University. He is also a CFA^® charterholder.

Matthew D. Hudson, CFA	Mr. Hudson has managed the NYLI WMC Growth Fund since February 2025. He is a Senior Managing Director, Partner and Equity Portfolio Manager and joined Wellington in 2005. Mr. Hudson has been in the investment management industry since 1996. He earned his MBA from Boston University and his BA in finance from Babson College. Additionally, Mr. Hudson holds the Chartered Financial Analyst (CFA^®) designation.

Adam H. Illfelder, CFA	Mr. Illfelder has managed the NYLI WMC Value Fund since 2021. He is Senior Managing Director and Portfolio Manager and joined Wellington in 2005. Mr. Illfelder has been in the investment management industry since 1997. He earned his MBA from Northwestern University (Kellogg, 2001) and his BS in economics from the University of Pennsylvania (1997). Additionally, Mr. Illfelder is a CFA^® charterholder and is a member of the CFA Institute.

179

Know With Whom You Are Investing


Michael Jin, CFA	Mr. Jin has managed the NYLI Epoch Global Equity Yield Fund and NYLI Epoch U.S. Equity Yield Fund since 2024 and is a portfolio manager, managing director, and senior research analyst for TD Epoch’s Shareholder Yield investment strategies. Before joining the firm in 2010, he was a research analyst at AllianceBernstein. Prior to AllianceBernstein, Mr. Jin worked as a corporate finance consultant at McKinsey & Company and as a process engineer at Praxair, Inc. where he was awarded four U.S. patents. Mr. Jin completed his undergraduate courses at the University of Science & Technology of China, received an M.S. from the University of Notre Dame, an M.S. from SUNY at Buffalo, and an MBA from the University of Chicago.

Rob Katz	Mr. Katz has managed the NYLI WMC Enduring Capital Fund since 2024. Mr. Katz is an equity research analyst on the Durable Equity Team, where he focuses on the Durable Companies and Durable Enterprises approaches. Prior to joining Wellington, Mr. Katz co-founded Durable Partners, a long-term oriented investment firm focused on investing in small/mid-size private companies. Mr. Katz previously worked as an analyst in the Public Equity Group at Bain Capital from 2013 to 2019, as an associate at Clayton, Dubilier & Rice from 2010 to 2012, and as an investment banking analyst at Goldman Sachs from 2008 to 2010. Mr. Katz earned his MBA from Harvard Business School and his A.B. in economics from Princeton University.

Justin H. Kelly, CFA	Mr. Kelly is the Chief Executive Officer, Chief Investment Officer, and a Portfolio Manager of Winslow Capital, and has been with the firm since 1999. Mr. Kelly has been part of the investment management team for the NYLI Winslow Large Cap Growth Fund since 2005. Mr. Kelly graduated summa cum laude from Babson College in 1993 with a BS in Finance/Investments. He is also a CFA^® charterholder.

Lin Lin, CFA	Ms. Lin has managed the NYLI Epoch Capital Growth Fund, NYLI Epoch Global Equity Yield Fund, and NYLI Epoch U.S. Equity Yield Fund since 2024. Ms. Lin is a portfolio manager and Head of the Quantitative Research team. Prior to joining Epoch in 2017, Ms. Lin was a vice president and equity strategist on the Global Quantitative Research team at Morgan Stanley, where she helped launch their global quantitative product and published research on a variety of topics, including stock selection and ESG investing. Before that, Ms. Lin was an assistant vice president and senior research analyst on the Quantitative Research and Portfolio Strategy team at Sanford C. Bernstein. Ms. Lin began her career as a consulting associate at FMI Corp. Ms. Lin has a B.A. in Economics from Nanjing University, and an M.A. in Economics from Duke University.

Wayne Lin, CFA	Mr. Lin has managed the NYLI Epoch International Choice Fund since 2024. Mr. Lin is a member of the global portfolio management team, primarily focused on Epoch’s product management and development capability, as well as investment risk analysis. Prior to joining the firm in 2016, Mr. Lin was a portfolio manager at QS Investors and at Legg Mason Global Asset Allocation prior to its acquisition by QS. At Legg Mason, Mr. Lin helped to create and manage several multi-asset class products, including target-date funds, a real asset strategy, and a downside risk mitigation strategy. Mr. Lin holds a BA in Economics from the University of Chicago and an MBA from Columbia Business School.

180

Know With Whom You Are Investing


Francis J. Ok	Mr. Ok has managed the NYLI S&P 500 Index Fund since 1996. Mr. Ok is a Managing Director at New York Life Investment Management LLC and has been with the firm or its predecessors since 1994, including as the Head of Equity Trading for the Equity teams at MacKay Shields LLC and the Lead Portfolio Manager for the Passive Equity index strategies. Mr. Ok holds a BS in Economics from Northeastern University.

Glen Petraglia, CFA	Mr. Petraglia has been a portfolio manager of the NYLI Epoch International Choice Fund since 2018. He is a Managing Director, portfolio manager and senior equity research analyst of Epoch Investment Partners, Inc. Prior to joining Epoch in 2014, Mr. Petraglia was a generalist portfolio manager and an analyst at Standard Life Investments in Boston, where he focused on consumer staples, restaurants and regional banks. Before Standard Life, he held positions at Citigroup and Nabisco. He received his BS from Providence College and an MBA from New York University’s Leonard N. Stern School of Business. Mr. Petraglia is a CFA^® charterholder.

Nikolay Petrakov, CFA	Mr. Petrakov has managed the NYLI Epoch International Choice Fund since 2024. He is a Managing Director, Portfolio Manager and Equity Research Analyst at Epoch. Prior to joining Epoch in 2014, Mr. Petrakov was an international equity analyst at Lord, Abbett & Co. for eight years, where he focused on banks, insurers, asset managers, and specialty finance companies. Before Lord, Abbett & Co., Mr. Petrakov was an investment analyst at AON Hewitt Financial Services. Mr. Petrakov received a BA from Hope College and an MBA from the University of Chicago.

Mary L. Pryshlak, CFA	Ms. Pryshlak has managed the NYLI WMC International Research Equity Fund since 2021. She is a Senior Managing Director and Head of the Investment Research group at Wellington. Ms. Pryshlak joined Wellington in 2004 and has been in the investment management industry since 1995. She received her BA in economics and French from Rutgers College (1993). Ms. Pryshlak also holds the Chartered Financial Analyst designation and is a member of the Association of Insurance and Financial Analysts (AIFA), the CFA Institute, and the CFA Society Boston.

Sunil Reddy, CFA	Mr. Reddy has managed the NYLI Fiera SMID Growth Fund since 2023. He is a Senior Vice President at Fiera Capital Inc. with diverse investment management experience accumulating since 1991. Mr. Reddy is a member of the investment committee at Fiera Growth Strategies, in addition to covering technology, fincnial and consumer discretionary sectors. His background includes stints in portfolio management, equity analysis and in corporate debt underwriting, trading and syndication roles. Mr. Reddy joined Apex (a predecessor of Fiera) from Fifth Third where he co-managed the Fifth Third Quality Growth Fund and was the sole manager for the Fifth Third Technology fund. In addition, Mr. Reddy was an integral member of the Growth team covering the technology and financial sectors. Mr. Reddy also has extensive fixed income experience having managed a $6 billion fixed income portfolio at Fifth Third. At Keycorp, Mr. Reddy was involved in various funding and interest rate risk management strategies for the Funds Management group. Mr. Reddy is a Chartered Financial Analyst, and has an M.B.A from Weatherhead School of Management, Case Western Reserve University and an undergraduate degree in Electrical Engineering from The Ohio State University.

181

Know With Whom You Are Investing

Nadim Rizk, MBA, CFA

Mr. Rizk has managed the NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund since 2023. Mr. Rizk is the Chief Executive Officer and Chief Investment Officer of PineStone Asset Management Inc. Prior to founding PineStone Asset Management Inc. in 2021, Mr. Rizk was a Senior Vice President, Head of the Global Equity Team and Lead Portfolio Manager at Fiera Capital. Prior to joining Fiera in 2009, Mr. Rizk was a Senior Global Research Analyst from 2000 to 2004, and the Head of Global Equities and Manager of the U.S. and Global equity funds from 2004 to 2009 at Montrusco Bolton. Prior to Montrusco Bolton, Mr. Rizk was an equity Research Analyst at CN Investments from 1998 to 2000. Mr. Rizk received his BComm from the American University of Beirut in 1995 and his MBA from McGill University in Montréal in 1998 and has earned the right to use the Chartered Financial Analyst designation since 2001.



Lamine Saidi	Mr. Saidi has managed the NYLI Candriam Emerging Markets Equity Fund since 2017. He has served as a Senior Fund Manager for Candriam since 2005. Mr. Saidi has worked in Emerging Markets since 2010. He was previously with Fortis Investment and Swisscorp Financial Advisory. Mr. Saidi graduated with an undergraduate degree in Banking and Financial Econometrics and a Master’s degree in Finance from University of Aix-en-Provence in France.

Paulo Salazar	Mr. Salazar has managed the NYLI Candriam Emerging Markets Equity Fund since 2021. He is Head of Emerging Market Equities. Mr. Salazar joined Candriam in 2015 as an Emerging Markets equity analyst and has over 15 years of Emerging Markets experience in private equity and financial markets. Mr. Salazar earned his B.B.A. in Corporate Finance and Financial Markets from FGV-EAESP in Sao Paulo and has an International Diploma in Finance from University of California, Berkeley.

Philip Screve	Mr. Screve has managed the NYLI Candriam Emerging Markets Equity Fund since 2017. He has served as Senior Fund Manager in charge of Central and East European Emerging Markets for Candriam since 2003 and has experience in Emerging Markets since joining Candriam. Mr. Screve joined Candriam (formerly Bank BACOB) in 1992 and has been a Senior Equity Fund Manager since 1998. Mr. Screve holds a Master’s degree in Commerce and Finance from the Vlekho Business School in Belgium.

Clark R. Shields	Mr. Shields has managed the NYLI WMC Growth Fund since 2023. He is a Senior Managing Director and Equity Portfolio Manager and joined Wellington in 2015. Mr. Shields has been in the investment management industry since 1998. He received his MBA from Harvard Business School and his BS in business administration from Washington and Lee University.

Andrew J. Shilling, CFA	Mr. Shilling has managed NYLI WMC Growth Fund since 2021. He is a Senior Managing Director and Equity Portfolio Manager and joined Wellington in 2001. Mr. Shilling has been in the investment management industry since 1989. He earned his BA in history from Amherst College. Additionally, Mr. Shilling holds the CFA^® designation. Effective December 31, 2025, Mr. Shilling will be retiring from Wellington and will no longer be a portfolio manager of the NYLI WMC Growth Fund.

182

Know With Whom You Are Investing


David J. Siino, CFA, CAIA	Mr. Siino has been a portfolio manager of the NYLI Epoch Capital Growth Fund since 2016. Mr. Siino joined Epoch in 2007, where he is a Managing Director, Portfolio Manager and Senior Research Analyst. Prior to joining Epoch in 2007, Mr. Siino was a research analyst with Gabelli & Company where he was responsible for covering the financial services sector, overseeing the automotive sector research team and making buy/sell recommendations for the Gabelli mutual funds. Mr. Siino holds a BA from Hofstra University and an MBA from Baruch College. He is also a CFA^®charterholder and a Chartered Alternative Investment Analyst.

Kera Van Valen, CFA	Ms. Van Valen has been a portfolio manager of the NYLI Epoch U.S. Equity Yield Fund since 2013 and the NYLI Epoch Global Equity Yield Fund since 2014. Ms. Van Valen joined Epoch in 2005 and is a Managing Director, Portfolio Manager and Senior Research Analyst. Her primary focus is on Epoch’s U.S. and Global Equity Shareholder Yield strategies. Prior to joining the Global Equity team, Ms. Van Valen was an analyst within Epoch’s Quantitative Research & Risk Management team. Ms. Van Valen received her BA in Mathematics from Colgate University and her MBA from Columbia Business School and is a CFA^® charterholder.

Mark A. Whitaker, CFA	Mr. Whitaker has managed NYLI WMC Enduring Capital Fund since 2021. He joined Wellington in 2004, and is a Senior Managing Director and Equity Portfolio Manager. Mr. Whitaker has been in the investment management industry since 2000. He earned his MBA from Stanford University (2004) and his BS in business administration from the University of Kansas, Lawrence (1999). Additionally, Mr. Whitaker holds the CFA^®designation.

Jonathan G. White, CFA	Mr. White has managed the NYLI WMC International Research Equity Fund since 2021. He is a Managing Director and the Director of the Research Portfolios for Investment Research group at Wellington. Mr. White joined Wellington in 1999 and has been in the investment management industry since 1994. He received his MBA, magna cum laude, from Babson College (Olin, 2002) and his BBA in finance, cum laude, from the University of Massachusetts (1994). Additionally, he holds the Chartered Financial Analyst designation.

183

Financial Highlights

The financial highlights tables are intended to help you understand the Funds' financial performance for the past five fiscal years ended October 31, or if shorter, the period of the Funds' operations. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and capital gain distributions and excluding all sales charges). This information has been audited by KPMG LLP (except with respect to NYLI Fiera SMID Growth Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund for the periods prior to April 1, 2023), whose report is included in each Fund's financial statements, which are included in each Fund's Form N-CSR.

The NYLI Fiera SMID Growth Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund have adopted the operating history of their respective predecessor fund for financial reporting purposes. Therefore, the financial highlights presented for such Funds for the periods prior to April 1, 2023, is that of the predecessor funds and was audited by the predecessor funds' independent auditor, whose report therein was unqualified.

184

Financial Highlights

NYLI Candriam Emerging Markets Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.39		$	8.24		$	12.73		$	10.66		$	8.97
Net investment income (loss)(a)		0.05			0.08			0.13			0.04			0.02
Net realized and unrealized gain (loss)		2.15			0.14			(4.56	)		2.06			1.85
Total from investment operations		2.20			0.22			(4.43	)		2.10			1.87
Less distributions:
From net investment income		(0.07	)		(0.07	)		(0.06	)		(0.03	)		(0.18	)
Net asset value at end of year	$	10.52		$	8.39		$	8.24		$	12.73		$	10.66
Total investment return(b)		26.30	%		2.60	%		(34.95	)%		19.68	%		21.14	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.49	%		0.84	%		1.25	%		0.30	%		0.22	%
Net expenses(c)		1.35	%		1.33	%		1.44	%		1.47	%		1.50	%
Expenses (before waiver/reimbursement)(c)		1.58	%		1.55	%		1.77	%		1.75	%		2.00	%
Portfolio turnover rate		101	%		60	%		105	%		74	%		122	%
Net assets at end of year (in 000’s)	$	2,067		$	1,910		$	2,144		$	2,921		$	1,111


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.36		$	8.22		$	12.70		$	10.65		$	8.95
Net investment income (loss)(a)		0.03			0.06			0.12			0.02			0.02
Net realized and unrealized gain (loss)		2.16			0.13			(4.55	)		2.05			1.84
Total from investment operations		2.19			0.19			(4.43	)		2.07			1.86
Less distributions:
From net investment income		(0.06	)		(0.05	)		(0.05	)		(0.02	)		(0.16	)
Net asset value at end of year	$	10.49		$	8.36		$	8.22		$	12.70		$	10.65
Total investment return(b)		26.27	%		2.33	%		(34.99	)%		19.49	%		21.11	%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.34	%		0.68	%		1.09	%		0.15	%		0.17	%
Net expenses(d)		1.48	%		1.50	%		1.57	%		1.52	%		1.52	%
Expenses (before waiver/reimbursement)(d)		1.71	%		1.72	%		1.88	%		1.81	%		2.03	%
Portfolio turnover rate		101	%		60	%		105	%		74	%		122	%
Net assets at end of year (in 000's)	$	212		$	198		$	256		$	507		$	360


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

185

Financial Highlights

NYLI Candriam Emerging Markets Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.18		$	8.05		$	12.48		$	10.52		$	8.85
Net investment income (loss)(a)		(0.04	)		(0.02	)		0.04			(0.08	)		(0.05	)
Net realized and unrealized gain (loss)		2.11			0.15			(4.47	)		2.04			1.83
Total from investment operations		2.07			0.13			(4.43	)		1.96			1.78
Less distributions:
From net investment income		—			—			—			—			(0.11	)
Net asset value at end of year	$	10.25		$	8.18		$	8.05		$	12.48		$	10.52
Total investment return(b)		25.31	%		1.61	%		(35.50	)%		18.63	%(c)		20.23	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.47	)%		(0.18	)%		0.36	%		(0.63	)%		(0.52	)%
Net expenses(d)		2.23	%		2.25	%		2.31	%		2.27	%		2.27	%
Expenses (before waiver/reimbursement)(d)		2.46	%		2.48	%		2.64	%		2.57	%		2.78	%
Portfolio turnover rate		101	%		60	%		105	%		74	%		122	%
Net assets at end of year (in 000’s)	$	50		$	71		$	141		$	212		$	217


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.48		$	8.33		$	12.85		$	10.77		$	8.99
Net investment income (loss)(a)		0.07			0.12			0.16			0.05			0.05
Net realized and unrealized gain (loss)		2.20			0.12			(4.58	)		2.11			1.87
Total from investment operations		2.27			0.24			(4.42	)		2.16			1.92
Less distributions:
From net investment income		(0.11	)		(0.09	)		(0.10	)		(0.08	)		(0.14	)
Net asset value at end of year	$	10.64		$	8.48		$	8.33		$	12.85		$	10.77
Total investment return(b)		26.82	%		2.87	%		(34.65	)%		20.05	%		21.60	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.68	%		1.28	%		1.65	%		0.38	%		0.55	%
Net expenses(c)		1.01	%		1.01	%		1.06	%		1.07	%		1.15	%
Expenses (before waiver/reimbursement)(c)		1.32	%		1.29	%		1.54	%		1.52	%		1.79	%
Portfolio turnover rate		101	%		60	%		105	%		74	%		122	%
Net assets at end of year (in 000’s)	$	8,065		$	20,401		$	12,977		$	4,532		$	30


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

186

Financial Highlights

NYLI Candriam Emerging Markets Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class R6	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.42		$	8.28		$	12.79		$	10.71		$	9.00
Net investment income (loss)(a)		0.08			0.11			0.17			0.08			0.05
Net realized and unrealized gain (loss)		2.16			0.13			(4.57	)		2.06			1.86
Total from investment operations		2.24			0.24			(4.40	)		2.14			1.91
Less distributions:
From net investment income		(0.10	)		(0.10	)		(0.11	)		(0.06	)		(0.20	)
Net asset value at end of year	$	10.56		$	8.42		$	8.28		$	12.79		$	10.71
Total investment return(b)		26.84	%		2.82	%		(34.65	)%		20.05	%		21.61	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.83	%		1.24	%		1.63	%		0.58	%		0.51	%
Net expenses(c)		1.01	%		1.01	%		1.06	%		1.07	%		1.15	%
Expenses (before waiver/reimbursement)(c)		1.25	%		1.23	%		1.40	%		1.32	%		1.53	%
Portfolio turnover rate		101	%		60	%		105	%		74	%		122	%
Net assets at end of year (in 000’s)	$	112,560		$	126,160		$	93,598		$	83,916		$	83,230


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

187

Financial Highlights

NYLI Epoch Capital Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	11.98		$	10.44		$	17.09		$	14.43		$	13.20
Net investment income (loss)(a)		0.04			0.06			0.03			(0.01	)		0.00‡
Net realized and unrealized gain (loss)		3.38			1.61			(2.86	)		5.43			1.92
Total from investment operations		3.42			1.67			(2.83	)		5.42			1.92
Less distributions:
From net investment income		(0.05	)		(0.02	)		—			(0.03	)		(0.07	)
From net realized gain on investments		(0.00	)‡		(0.11	)		(3.82	)		(2.73	)		(0.62	)
Total distributions		(0.05	)		(0.13	)		(3.82	)		(2.76	)		(0.69	)
Net asset value at end of year	$	15.35		$	11.98		$	10.44		$	17.09		$	14.43
Total investment return(b)		28.67	%		16.09	%		(20.79	)%		42.61	%		15.31	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.27	%		0.51	%		0.30	%		(0.08	)%		0.01	%
Net expenses(c)		1.15	%		1.15	%		1.15	%		1.15	%		1.13	%
Expenses (before waiver/reimbursement)(c)		1.23	%		1.26	%		1.25	%		1.36	%		1.16	%
Portfolio turnover rate		33	%		30	%		31	%		80	%		43	%
Net assets at end of year (in 000’s)	$	57,130		$	38,828		$	20,880		$	21,767		$	6,733


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

188

Financial Highlights

NYLI Epoch Capital Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	11.87		$	10.35		$	17.02		$	14.40		$	13.16
Net investment income (loss)(a)		0.00‡			0.03			0.01			(0.05	)		(0.02	)
Net realized and unrealized gain (loss)		3.36			1.60			(2.86	)		5.40			1.92
Total from investment operations		3.36			1.63			(2.85	)		5.35			1.90
Less distributions:
From net investment income		(0.04	)		—			—			(0.00	)‡		(0.04	)
From net realized gain on investments		(0.00	)‡		(0.11	)		(3.82	)		(2.73	)		(0.62	)
Total distributions		(0.04	)		(0.11	)		(3.82	)		(2.73	)		(0.66	)
Net asset value at end of year	$	15.19		$	11.87		$	10.35		$	17.02		$	14.40
Total investment return(b)		28.40	%		15.81	%		(21.04	)%		42.05	%		15.14	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.02	%		0.26	%		0.05	%		(0.31	)%		(0.17	)%
Net expenses(c)		1.41	%		1.41	%		1.39	%		1.42	%		1.34	%
Expenses (before waiver/reimbursement)(c)		1.41	%		1.46	%		1.44	%		1.59	%		1.36	%
Portfolio turnover rate		33	%		30	%		31	%		80	%		43	%
Net assets at end of year (in 000's)	$	3,772		$	3,195		$	1,134		$	1,648		$	1,416


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

189

Financial Highlights

NYLI Epoch Capital Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	11.22		$	9.86		$	16.49		$	14.10		$	12.97
Net investment income (loss)(a)		(0.10	)		(0.05	)		(0.08	)		(0.16	)		(0.12	)
Net realized and unrealized gain (loss)		3.18			1.52			(2.73	)		5.28			1.87
Total from investment operations		3.08			1.47			(2.81	)		5.12			1.75
Less distributions:
From net investment income		—			—			—			—			(0.62	)
From net realized gain on investments		(0.00	)‡		(0.11	)		(3.82	)		(2.73	)		—
Total distributions		(0.00	)‡		(0.11	)		(3.82	)		(2.73	)		(0.62	)
Net asset value at end of year	$	14.30		$	11.22		$	9.86		$	16.49		$	14.10
Total investment return(b)		27.40	%		14.97	%		(21.60	)%		41.17	%		14.24	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.72	)%		(0.43	)%		(0.71	)%		(1.09	)%		(0.92	)%
Net expenses(c)		2.15	%		2.15	%		2.14	%		2.17	%		2.09	%
Expenses (before waiver/reimbursement)(c)		2.15	%		2.20	%		2.20	%		2.34	%		2.11	%
Portfolio turnover rate		33	%		30	%		31	%		80	%		43	%
Net assets at end of year (in 000’s)	$	1,418		$	1,091		$	794		$	1,288		$	1,152


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	12.04		$	10.49		$	17.15		$	14.47		$	13.23
Net investment income (loss)(a)		0.08			0.09			0.06			0.03			0.04
Net realized and unrealized gain (loss)		3.41			1.62			(2.88	)		5.45			1.92
Total from investment operations		3.49			1.71			(2.82	)		5.48			1.96
Less distributions:
From net investment income		(0.08	)		(0.05	)		(0.02	)		(0.07	)		(0.10	)
From net realized gain on investments		(0.00	)‡		(0.11	)		(3.82	)		(2.73	)		(0.62	)
Total distributions		(0.08	)		(0.16	)		(3.84	)		(2.80	)		(0.72	)
Net asset value at end of year	$	15.45		$	12.04		$	10.49		$	17.15		$	14.47
Total investment return(b)		29.09	%		16.39	%		(20.63	)%		42.99	%		15.58	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.53	%		0.75	%		0.54	%		0.21	%		0.29	%
Net expenses(c)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Expenses (before waiver/reimbursement)(c)		0.98	%		1.01	%		1.00	%		1.10	%		0.93	%
Portfolio turnover rate		33	%		30	%		31	%		80	%		43	%
Net assets at end of year (in 000’s)	$	109,740		$	84,371		$	41,282		$	53,944		$	56,502


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

190

Financial Highlights

NYLI Epoch Global Equity Yield Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.75		$	18.28		$	20.18		$	15.83		$	18.75
Net investment income (loss)(a)		0.51			0.46			0.41			0.45			0.46
Net realized and unrealized gain (loss)		5.34			0.55			(1.87	)		4.43			(2.59	)
Total from investment operations		5.85			1.01			(1.46	)		4.88			(2.13	)
Less distributions:
From net investment income		(0.56	)		(0.54	)		(0.44	)		(0.53	)		(0.45	)
From net realized gain on investments		—			—			—			—			(0.34	)
Total distributions		(0.56	)		(0.54	)		(0.44	)		(0.53	)		(0.79	)
Net asset value at end of year	$	24.04		$	18.75		$	18.28		$	20.18		$	15.83
Total investment return(b)		31.42	%		5.45	%		(7.36	)%		30.98	%		(11.48	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.29	%		2.36	%		2.08	%		2.32	%		2.74	%
Net expenses(c)		1.09	%		1.09	%(d)		1.09	%		1.09	%(e)		1.09	%(e)
Expenses (before waiver/reimbursement)(c)		1.14	%		1.16	%(d)		1.16	%		1.16	%(e)		1.14	%(e)
Portfolio turnover rate		18	%		30	%		50	%		27	%		40	%
Net assets at end of year (in 000’s)	$	135,338		$	111,149		$	120,648		$	134,982		$	103,166


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of 0.01%
(e)	Net of interest expense of less than 0.01%


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.71		$	18.24		$	20.14		$	15.80		$	18.72
Net investment income (loss)(a)		0.50			0.45			0.39			0.44			0.46
Net realized and unrealized gain (loss)		5.32			0.54			(1.86	)		4.42			(2.59	)
Total from investment operations		5.82			0.99			(1.47	)		4.86			(2.13	)
Less distributions:
From net investment income		(0.54	)		(0.52	)		(0.43	)		(0.52	)		(0.45	)
From net realized gain on investments		—			—			—			—			(0.34	)
Total distributions		(0.54	)		(0.52	)		(0.43	)		(0.52	)		(0.79	)
Net asset value at end of year	$	23.99		$	18.71		$	18.24		$	20.14		$	15.80
Total investment return(b)		31.32	%		5.39	%		(7.42	)%		30.91	%		(11.53	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.25	%		2.28	%		2.02	%		2.29	%		2.70	%
Net expenses(c)		1.17	%		1.18	%(d)		1.15	%		1.15	%(e)		1.13	%(e)
Expenses (before waiver/reimbursement)(c)		1.18	%		1.19	%(d)		1.16	%		1.16	%(e)		1.13	%(e)
Portfolio turnover rate		18	%		30	%		50	%		27	%		40	%
Net assets at end of year (in 000's)	$	8,075		$	7,788		$	7,976		$	9,081		$	7,897


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of 0.01%
(e)	Net of interest expense of less than 0.01%

191

Financial Highlights

NYLI Epoch Global Equity Yield Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.67		$	18.19		$	20.07		$	15.73		$	18.62
Net investment income (loss)(a)		0.35			0.32			0.26			0.30			0.34
Net realized and unrealized gain (loss)		5.30			0.53			(1.86	)		4.40			(2.57	)
Total from investment operations		5.65			0.85			(1.60	)		4.70			(2.23	)
Less distributions:
From net investment income		(0.38	)		(0.37	)		(0.28	)		(0.36	)		(0.32	)
From net realized gain on investments		—			—			—			—			(0.34	)
Total distributions		(0.38	)		(0.37	)		(0.28	)		(0.36	)		(0.66	)
Net asset value at end of year	$	23.94		$	18.67		$	18.19		$	20.07		$	15.73
Total investment return(b)		30.41	%		4.67	%		(8.07	)%		30.00	%		(12.14	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.61	%		1.65	%		1.34	%		1.59	%		2.00	%
Net expenses(c)		1.84	%		1.84	%(d)		1.84	%		1.84	%(e)		1.84	%(e)
Expenses (before waiver/reimbursement)(c)		1.93	%		1.94	%(d)		1.91	%		1.91	%(e)		1.88	%(e)
Portfolio turnover rate		18	%		30	%		50	%		27	%		40	%
Net assets at end of year (in 000’s)	$	6,803		$	9,215		$	15,801		$	27,874		$	42,298


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of 0.01%
(e)	Net of interest expense of less than 0.01%


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.71		$	18.23		$	20.13		$	15.79		$	18.72
Net investment income (loss)(a)		0.57			0.51			0.45			0.50			0.50
Net realized and unrealized gain (loss)		5.31			0.55			(1.86	)		4.42			(2.59	)
Total from investment operations		5.88			1.06			(1.41	)		4.92			(2.09	)
Less distributions:
From net investment income		(0.61	)		(0.58	)		(0.49	)		(0.58	)		(0.50	)
From net realized gain on investments		—			—			—			—			(0.34	)
Total distributions		(0.61	)		(0.58	)		(0.49	)		(0.58	)		(0.84	)
Net asset value at end of year	$	23.98		$	18.71		$	18.23		$	20.13		$	15.79
Total investment return(b)		31.70	%		5.73	%		(7.08	)%		31.32	%		(11.31	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.57	%		2.59	%		2.33	%		2.59	%		2.98	%
Net expenses(c)		0.84	%		0.84	%(d)		0.84	%		0.84	%(e)		0.84	%(e)
Expenses (before waiver/reimbursement)(c)		0.89	%		0.91	%(d)		0.91	%		0.91	%(e)		0.89	%(e)
Portfolio turnover rate		18	%		30	%		50	%		27	%		40	%
Net assets at end of year (in 000’s)	$	613,380		$	573,786		$	910,693		$	1,003,575		$	1,106,793


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of 0.01%
(e)	Net of interest expense of less than 0.01%

192

Financial Highlights

NYLI Epoch Global Equity Yield Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class R6	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.45		$	18.00		$	19.88		$	15.60		$	18.73
Net investment income (loss)(a)		0.56			0.55			0.44			0.54			0.54
Net realized and unrealized gain (loss)		5.27			0.51			(1.81	)		4.34			(2.81	)
Total from investment operations		5.83			1.06			(1.37	)		4.88			(2.27	)
Less distributions:
From net investment income		(0.63	)		(0.61	)		(0.51	)		(0.60	)		(0.52	)
From net realized gain on investments		—			—			—			—			(0.34	)
Total distributions		(0.63	)		(0.61	)		(0.51	)		(0.60	)		(0.86	)
Net asset value at end of year	$	23.65		$	18.45		$	18.00		$	19.88		$	15.60
Total investment return(b)		31.90	%		5.82	%		(7.02	)%		31.45	%		(12.32	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.57	%		2.85	%		2.33	%		2.81	%		3.18	%
Net expenses(c)		0.74	%		0.74	%(d)		0.74	%		0.74	%(e)		0.74	%(e)
Expenses (before waiver/reimbursement)(c)		0.75	%		0.75	%(d)		0.75	%		0.75	%(e)		0.76	%(e)
Portfolio turnover rate		18	%		30	%		50	%		27	%		40	%
Net assets at end of year (in 000’s)	$	1,423		$	995		$	5,851		$	769		$	325


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of 0.01%
(e)	Net of interest expense of less than 0.01%

193

Financial Highlights

NYLI Epoch International Choice Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	35.17		$	31.28		$	41.50		$	33.68		$	35.57
Net investment income (loss)(a)		0.56			0.54			0.35			0.34			0.17
Net realized and unrealized gain (loss)		5.35			3.68			(9.61	)		7.66			(1.14	)
Total from investment operations		5.91			4.22			(9.26	)		8.00			(0.97	)
Less distributions:
From net investment income		(0.56	)		(0.33	)		(0.96	)		(0.18	)		(0.92	)
Net asset value at end of year	$	40.52		$	35.17		$	31.28		$	41.50		$	33.68
Total investment return(b)		16.90	%		13.52	%		(22.84	)%(c)		23.80	%		(2.87	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.38	%		1.44	%		0.97	%		0.83	%		0.48	%
Net expenses(d)		1.23	%		1.22	%		1.23	%		1.21	%		1.20	%(e)
Portfolio turnover rate		60	%		34	%		49	%		43	%		52	%
Net assets at end of year (in 000’s)	$	28,137		$	26,164		$	19,445		$	26,613		$	20,108


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.89)%.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(e)	Net of interest expense of less than 0.01%.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	35.08		$	31.20		$	41.39		$	33.60		$	35.49
Net investment income (loss)(a)		0.43			0.42			0.24			0.20			0.08
Net realized and unrealized gain (loss)		5.35			3.69			(9.60	)		7.68			(1.13	)
Total from investment operations		5.78			4.11			(9.36	)		7.88			(1.05	)
Less distributions:
From net investment income		(0.45	)		(0.23	)		(0.83	)		(0.09	)		(0.84	)
Net asset value at end of year	$	40.41		$	35.08		$	31.20		$	41.39		$	33.60
Total investment return(b)		16.58	%		13.19	%		(23.07	)%(c)		23.48	%		(3.10	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.06	%		1.13	%		0.67	%		0.50	%		0.23	%
Net expenses(d)		1.54	%		1.51	%		1.52	%		1.50	%		1.46	%(e)
Expenses (before waiver/reimbursement)(d)		1.71	%		1.68	%		1.63	%		1.59	%		1.46	%(e)
Portfolio turnover rate		60	%		34	%		49	%		43	%		52	%
Net assets at end of year (in 000's)	$	3,671		$	3,892		$	3,795		$	5,341		$	5,308


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.12)%.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(e)	Net of interest expense of less than 0.01%.

194

Financial Highlights

NYLI Epoch International Choice Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	34.44		$	30.66		$	40.33		$	32.90		$	34.73
Net investment income (loss)(a)		0.16			0.14			(0.01	)		(0.28	)		(0.17	)
Net realized and unrealized gain (loss)		5.24			3.64			(9.49	)		7.71			(1.13	)
Total from investment operations		5.40			3.78			(9.50	)		7.43			(1.30	)
Less distributions:
From net investment income		(0.01	)		—			(0.17	)		—			(0.53	)
Net asset value at end of year	$	39.83		$	34.44		$	30.66		$	40.33		$	32.90
Total investment return(b)		15.71	%		12.33	%		(23.66	)%(c)		22.55	%		(3.81	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.40	%		0.38	%		(0.02	)%		(0.71	)%		(0.51	)%
Net expenses(d)		2.29	%		2.26	%		2.27	%		2.25	%		2.21	%(e)
Expenses (before waiver/reimbursement)(d)		2.46	%		2.43	%		2.38	%		2.28	%		2.21	%(e)
Portfolio turnover rate		60	%		34	%		49	%		43	%		52	%
Net assets at end of year (in 000’s)	$	85		$	207		$	339		$	1,081		$	4,740


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.71)%.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(e)	Net of interest expense of less than 0.01%.


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	35.19		$	31.30		$	41.52		$	33.69		$	35.58
Net investment income (loss)(a)		0.68			0.62			0.45			0.40			0.26
Net realized and unrealized gain (loss)		5.35			3.71			(9.61	)		7.70			(1.14	)
Total from investment operations		6.03			4.33			(9.16	)		8.10			(0.88	)
Less distributions:
From net investment income		(0.67	)		(0.44	)		(1.06	)		(0.27	)		(1.01	)
Net asset value at end of year	$	40.55		$	35.19		$	31.30		$	41.52		$	33.69
Total investment return(b)		17.24	%		13.84	%		(22.63	)%(c)		24.11	%		(2.61	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.69	%		1.67	%		1.27	%		0.99	%		0.76	%
Net expenses(d)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%(e)
Expenses (before waiver/reimbursement)(d)		0.98	%		0.97	%		0.98	%		0.96	%		0.96	%(e)
Portfolio turnover rate		60	%		34	%		49	%		43	%		52	%
Net assets at end of year (in 000’s)	$	207,003		$	157,911		$	173,142		$	241,084		$	252,974


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (22.68)%.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(e)	Net of interest expense of less than 0.01%.

195

Financial Highlights

NYLI Epoch International Choice Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,												August 31, 2020^ through October 31,
SIMPLE Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	35.07		$	31.16		$	41.39		$	33.59			35.90*
Net investment income (loss)(a)		0.44			0.38			0.14			0.11			(0.02	)
Net realized and unrealized gain (loss)		5.37			3.70			(9.60	)		7.69			(2.29	)
Total from investment operations		5.81			4.08			(9.46	)		7.80			(2.31	)
Less distributions:
From net investment income		(0.47	)		(0.17	)		(0.77	)		—			—
Net asset value at end of year	$	40.41		$	35.07		$	31.16		$	41.39		$	33.59
Total investment return(b)		16.64	%		13.10	%		(23.26	)%(c)		23.19	%		(6.43	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.10	%		1.03	%		0.40	%		0.27	%		(0.29	)%††
Net expenses(d)		1.48	%		1.58	%		1.77	%		1.74	%		1.69	%††(e)
Expenses (before waiver/reimbursement)(d)		1.48	%		1.58	%		1.88	%		1.86	%		1.69	%††(e)
Portfolio turnover rate		60	%		34	%		49	%		43	%		52	%
Net assets at end of year (in 000’s)	$	52		$	37		$	28		$	34		$	23


^	Inception date.
*	Based on the net asset value of Investor Class as of August 31, 2020.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	In 2022, the Fund’s total investment return includes impact of payments from affiliates due to a trade communications error. Excluding these items, total return would have been (23.31)%.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(e)	Net of interest expense of less than 0.01%.

196

Financial Highlights

NYLI Epoch U.S. Equity Yield Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.28		$	18.78		$	19.70		$	14.96		$	17.07
Net investment income (loss)(a)		0.43			0.42			0.39			0.32			0.36
Net realized and unrealized gain (loss)		5.51			(0.23	)		(0.95	)		4.78			(1.83	)
Total from investment operations		5.94			0.19			(0.56	)		5.10			(1.47	)
Less distributions:
From net investment income		(0.43	)		(0.40	)		(0.36	)		(0.36	)		(0.34	)
From net realized gain on investments		(0.62	)		(0.29	)		—			—			(0.30	)
Total distributions		(1.05	)		(0.69	)		(0.36	)		(0.36	)		(0.64	)
Net asset value at end of year	$	23.17		$	18.28		$	18.78		$	19.70		$	14.96
Total investment return(b)		33.57	%		0.87	%		(2.85	)%		34.30	%		(8.77	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.03	%		2.22	%		2.00	%		1.76	%		2.31	%
Net expenses(c)		1.05	%(d)		1.06	%		1.05	%		1.07	%		1.08	%(e)
Expenses (before waiver/reimbursement)(c)		1.05	%		1.06	%		1.05	%		1.07	%		1.09	%
Portfolio turnover rate		13	%		19	%		25	%		16	%		29	%
Net assets at end of year (in 000’s)	$	560,941		$	442,341		$	483,936		$	508,888		$	379,695


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.
(e)	Net of interest expense of less than 0.01%.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.19		$	18.69		$	19.61		$	14.89		$	16.99
Net investment income (loss)(a)		0.37			0.37			0.34			0.28			0.32
Net realized and unrealized gain (loss)		5.48			(0.23	)		(0.95	)		4.75			(1.82	)
Total from investment operations		5.85			0.14			(0.61	)		5.03			(1.50	)
Less distributions:
From net investment income		(0.37	)		(0.35	)		(0.31	)		(0.31	)		(0.30	)
From net realized gain on investments		(0.62	)		(0.29	)		—			—			(0.30	)
Total distributions		(0.99	)		(0.64	)		(0.31	)		(0.31	)		(0.60	)
Net asset value at end of year	$	23.05		$	18.19		$	18.69		$	19.61		$	14.89
Total investment return(b)		33.18	%		0.60	%		(3.12	)%		33.96	%		(8.99	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.79	%		1.95	%		1.75	%		1.53	%		2.07	%
Net expenses(c)		1.32	%		1.33	%		1.30	%		1.33	%		1.33	%(d)
Expenses (before waiver/reimbursement)(c)		1.38	%		1.39	%		1.30	%		1.39	%		1.38	%
Portfolio turnover rate		13	%		19	%		25	%		16	%		29	%
Net assets at end of year (in 000's)	$	64,821		$	67,157		$	73,132		$	86,155		$	81,365


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of less than 0.01%.

197

Financial Highlights

NYLI Epoch U.S. Equity Yield Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	17.61		$	18.11		$	19.00		$	14.43		$	16.47
Net investment income (loss)(a)		0.21			0.22			0.19			0.14			0.20
Net realized and unrealized gain (loss)		5.29			(0.23	)		(0.92	)		4.60			(1.76	)
Total from investment operations		5.50			(0.01	)		(0.73	)		4.74			(1.56	)
Less distributions:
From net investment income		(0.22	)		(0.20	)		(0.16	)		(0.17	)		(0.18	)
From net realized gain on investments		(0.62	)		(0.29	)		—			—			(0.30	)
Total distributions		(0.84	)		(0.49	)		(0.16	)		(0.17	)		(0.48	)
Net asset value at end of year	$	22.27		$	17.61		$	18.11		$	19.00		$	14.43
Total investment return(b)		32.18	%		(0.16	)%		(3.82	)%		32.98	%		(9.66	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.05	%		1.22	%		1.00	%		0.81	%		1.35	%
Net expenses(c)		2.08	%		2.08	%		2.06	%		2.08	%		2.08	%(d)
Expenses (before waiver/reimbursement)(c)		2.13	%		2.14	%		2.06	%		2.14	%		2.13	%
Portfolio turnover rate		13	%		19	%		25	%		16	%		29	%
Net assets at end of year (in 000’s)	$	7,107		$	7,954		$	10,961		$	14,435		$	17,920


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of less than 0.01%.

198

Financial Highlights

NYLI Epoch U.S. Equity Yield Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.49		$	18.99		$	19.91		$	15.11		$	17.24
Net investment income (loss)(a)		0.50			0.49			0.45			0.39			0.41
Net realized and unrealized gain (loss)		5.58			(0.24	)		(0.95	)		4.82			(1.85	)
Total from investment operations		6.08			0.25			(0.50	)		5.21			(1.44	)
Less distributions:
From net investment income		(0.50	)		(0.46	)		(0.42	)		(0.41	)		(0.39	)
From net realized gain on investments		(0.62	)		(0.29	)		—			—			(0.30	)
Total distributions		(1.12	)		(0.75	)		(0.42	)		(0.41	)		(0.69	)
Net asset value at end of year	$	23.45		$	18.49		$	18.99		$	19.91		$	15.11
Total investment return(b)		33.98	%		1.18	%		(2.50	)%		34.78	%		(8.50	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.36	%		2.56	%		2.32	%		2.10	%		2.63	%
Net expenses(c)		0.73	%		0.73	%		0.73	%		0.73	%		0.76	%(d)
Expenses (before waiver/reimbursement)(c)		0.80	%		0.81	%		0.80	%		0.82	%		0.84	%
Portfolio turnover rate		13	%		19	%		25	%		16	%		29	%
Net assets at end of year (in 000’s)	$	303,649		$	262,299		$	351,106		$	357,565		$	269,100


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense of less than 0.01%.

199

Financial Highlights

NYLI Epoch U.S. Equity Yield Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class R6	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.49		$	18.99		$	19.92		$	15.12		$	17.25
Net investment income (loss)(a)		0.50			0.49			0.46			0.39			0.42
Net realized and unrealized gain (loss)		5.58			(0.24	)		(0.97	)		4.83			(1.86	)
Total from investment operations		6.08			0.25			(0.51	)		5.22			(1.44	)
Less distributions:
From net investment income		(0.50	)		(0.46	)		(0.42	)		(0.42	)		(0.39	)
From net realized gain on investments		(0.62	)		(0.29	)		—			—			(0.30	)
Total distributions		(1.12	)		(0.75	)		(0.42	)		(0.42	)		(0.69	)
Net asset value at end of year	$	23.45		$	18.49		$	18.99		$	19.92		$	15.12
Total investment return(b)		33.98	%		1.19	%		(2.54	)%		34.78	%		(8.46	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.36	%		2.56	%		2.32	%		2.11	%		2.68	%
Net expenses(c)		0.73	%		0.73	%(d)		0.73	%		0.73	%		0.73	%(e)
Expenses (before waiver/reimbursement)(c)		0.74	%		0.73	%		0.73	%		0.73	%		0.74	%
Portfolio turnover rate		13	%		19	%		25	%		16	%		29	%
Net assets at end of year (in 000’s)	$	138,833		$	112,773		$	135,192		$	143,436		$	107,887


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.
(e)	Net of interest expense of less than 0.01%.


	Year Ended October 31,												August 31, 2020^ through October 31,
SIMPLE Class	2024			2023			2022			2021			2020
Net asset value at beginning of period	$	18.22		$	18.74		$	19.65		$	14.89			15.57*
Net investment income (loss)(a)		0.36			0.36			0.28			0.22			0.03
Net realized and unrealized gain (loss)		5.49			(0.24	)		(0.93	)		4.76			(0.68	)
Total from investment operations		5.85			0.12			(0.65	)		4.98			(0.65	)
Less distributions:
From net investment income		(0.38	)		(0.35	)		(0.26	)		(0.22	)		(0.03	)
From net realized gain on investments		(0.62	)		(0.29	)		—			—			—
Total distributions		(1.00	)		(0.64	)		(0.26	)		(0.22	)		(0.03	)
Net asset value at end of period	$	23.07		$	18.22		$	18.74		$	19.65		$	14.89
Total investment return(b)		33.16	%		0.55	%		(3.34	)%		33.61	%		(4.16	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.71	%		1.88	%		1.48	%		1.20	%		0.98	%††
Net expenses(c)		1.32	%(d)		1.38	%		1.55	%		1.58	%		1.57	%††(e)
Expenses (before waiver/reimbursement)(c)		1.32	%		1.38	%		1.55	%		1.65	%		1.63	%††
Portfolio turnover rate		13	%		19	%		25	%		16	%		29	%
Net assets at end of period (in 000’s)	$	200		$	93		$	77		$	43		$	24


^	Inception date.
*	Based on the net asset value of Investor Class as of August 31, 2020.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.
(e)	Net of interest expense of less than 0.01%.

200

Financial Highlights

NYLI Fiera SMID Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			April 1 2023 through October 31,			Year Ended March 31,
Class A	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	13.78		$	13.96		$	19.12		$	20.85		$	12.68		$	16.71
Net investment income (loss)(b)		(0.08	)		(0.04	)		(0.08	)		(0.12	)		(0.15	)		(0.12	)
Net realized and unrealized gain (loss)		3.32			(0.14	)		(2.79	)		0.80			12.52			(2.00	)
Total from investment operations		3.24			(0.18	)		(2.87	)		0.68			12.37			(2.12	)
Less distributions:
From net realized gain on investments		(0.42	)		—			(2.29	)		(2.41	)		(4.20	)		(1.91	)
Net asset value at end of period	$	16.60		$	13.78		$	13.96		$	19.12		$	20.85		$	12.68
Total investment return		23.78	%(c)		(1.29	)%(c)		(14.38	)%(d)(e)		2.64	%(d)(e)		99.38	%(d)(e)		(15.36	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.49	)%		(0.47	)%††		(0.52	)%(f)(g)		(0.55	)%(f)(g)		(0.78	)%(f)(g)		(0.70	)%(f)(g)
Net expenses		1.15	%(h)		1.19	%††(h)		1.30	%(f)(g)		1.30	%(f)(g)		1.30	%(f)(g)		1.30	%(f)(g)
Expenses (before waiver/reimbursement)		1.23	%(h)		1.35	%††(h)		1.61	%(g)		1.40	%(g)		1.41	%(g)		1.36	%(g)
Portfolio turnover rate		51	%		24	%		88	%(e)		24	%(e)		53	%(e)		38	%(e)
Net assets at end of period (in 000's)	$	11,096		$	446		$	122		$	108		$	70		$	11


#	The Fund changed its fiscal year end from March 31 to October 31.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

201

Financial Highlights

NYLI Fiera SMID Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			July 24, 2023^ through October 31,
Class C	2024			2023
Net asset value at beginning of period	$	13.75		$	15.58
Net investment income (loss)(a)		(0.22	)		(0.05	)
Net realized and unrealized gain (loss)		3.31			(1.78	)
Total from investment operations		3.09			(1.83	)
Less distributions:
From net realized gain on investments		(0.42	)		—
Net asset value at end of period	$	16.42		$	13.75
Total investment return(b)		22.71	%		(11.75	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(1.37	)%		(1.23	)%††
Net expenses(d)		2.05	%		2.05	%††
Expenses (before waiver/reimbursement)(d)		2.06	%		2.12	%††
Portfolio turnover rate		51	%		24	%
Net assets at end of period (in 000’s)	$	995		$	28


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,			April 1 2023 through October 31,			Year Ended March 31,
Class I	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	14.12		$	14.28		$	19.45		$	21.13		$	12.78		$	16.79
Net investment income (loss)(b)		(0.03	)		(0.02	)		(0.04	)		(0.06	)		(0.10	)		(0.08	)
Net realized and unrealized gain (loss)		3.41			(0.14	)		(2.84	)		0.79			12.65			(2.02	)
Total from investment operations		3.38			(0.16	)		(2.88	)		0.73			12.55			(2.10	)
Less distributions:
From net realized gain on investments		(0.42	)		—			(2.29	)		(2.41	)		(4.20	)		(1.91	)
Net asset value at end of period	$	17.08		$	14.12		$	14.28		$	19.45		$	21.13		$	12.78
Total investment return		24.21	%(c)		(1.12	)%(c)		(14.18	)%(d)(e)		2.85	%(d)(e)		100.06	%(d)(e)		(15.16	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.16	)%		(0.25	)%††		(0.27	)%(f)(g)		(0.30	)%(f)(g)		(0.53	)%(f)(g)		(0.45	)%(f)(g)
Net expenses		0.85	%(h)		0.95	%††(h)		1.05	%(f)(g)		1.05	%(f)(g)		1.05	%(f)(g)		1.05	%(f)(g)
Expenses (before waiver/reimbursement)		0.98	%(h)		1.17	%††(h)		1.36	%(g)		1.15	%(g)		1.16	%(g)		1.11	%(g)
Portfolio turnover rate		51	%		24	%		88	%(e)		24	%(e)		53	%(e)		38	%(e)
Net assets at end of period (in 000's)	$	150,143		$	85,042		$	73,927		$	123,419		$	149,608		$	108,356


#	The Fund changed its fiscal year end from March 31 to October 31.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

202

Financial Highlights

NYLI Fiera SMID Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			July 24, 2023^ through October 31,
Class R6	2024			2023
Net asset value at beginning of period	$	14.13		$	15.96
Net investment income (loss)(a)		(0.02	)		0.00‡
Net realized and unrealized gain (loss)		3.40			(1.83	)
Total from investment operations		3.38			(1.83	)
Less distributions:
From net realized gain on investments		(0.42	)		—
Net asset value at end of period	$	17.09		$	14.13
Total investment return(b)		24.19	%		(11.47	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.13	)%		0.00	%††‡‡
Net expenses(d)		0.83	%		0.84	%††
Expenses (before waiver/reimbursement)(d)		0.83	%		0.86	%††
Portfolio turnover rate		51	%		24	%
Net assets at end of period (in 000’s)	$	224,501		$	130,464


^	Inception date.
‡	Less than one cent per share.
‡‡	Less than 0.01%.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

203

Financial Highlights

NYLI PineStone Global Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			April 1, 2023 October 31,			Year Ended March 31,
Class A	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	16.47		$	16.87		$	18.23		$	17.05		$	11.63		$	12.73
Net investment income (loss)(b)		0.06			0.03			0.03			0.00‡			0.02			0.05
Net realized and unrealized gain (loss)		3.91			(0.43	)		(0.51	)		1.83			5.49			(0.63	)
Total from investment operations		3.97			(0.40	)		(0.48	)		1.83			5.51			(0.58	)
Less distributions:
From net investment income		(0.07	)		—			(0.03	)		(0.01	)		(0.03	)		(0.11	)
From net realized gain on investments		—			—			(0.85	)		(0.64	)		(0.06	)		(0.41	)
Total distributions		(0.07	)		—			(0.88	)		(0.65	)		(0.09	)		(0.52	)
Net asset value at end of period	$	20.37		$	16.47		$	16.87		$	18.23		$	17.05		$	11.63
Total investment return		24.19	%(c)		(2.37	)%(c)		(2.19	)%(d)(e)		10.39	%(d)(e)		47.37	%(d)(e)		(5.26	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.33	%		0.31	%††		0.19	%(f)(g)		0.01	%(f)(g)		0.10	%(f)(g)		0.35	%(f)(g)
Net expenses		1.10	%(h)		1.13	%††(h)		1.15	%(f)(g)		1.15	%(f)(g)		1.15	%(f)(g)		1.15	%(f)(g)
Expenses (before waiver/reimbursement)		1.71	%(h)		2.28	%††(h)		2.26	%(g)		1.95	%(g)		2.30	%(g)		2.39	%(g)
Portfolio turnover rate		19	%		7	%		11	%(e)		25	%(e)		16	%(e)		45	%(e)
Net assets at end of period (in 000's)	$	1,005		$	1,117		$	1,104		$	1,157		$	996		$	340


#	The Fund changed its fiscal year end from March 31 to October 31.
‡	Less than one cent per share.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,			August 28, 2023^ through October 31,
Class C	2024			2023
Net asset value at beginning of period	$	16.45		$	17.59
Net investment income (loss)(a)		(0.13	)		(0.02	)
Net realized and unrealized gain (loss)		3.93			(1.12	)
Total from investment operations		3.80			(1.14	)
Less distributions:
From net investment income		(0.04	)		—
Net asset value at end of period	$	20.21		$	16.45
Total investment return(b)		23.12	%		(6.48	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.66	)%		(0.71	)%††
Net expenses(d)		2.00	%		2.00	%††
Expenses (before waiver/reimbursement)(d)		2.73	%		2.94	%††
Portfolio turnover rate		19	%		7	%
Net assets at end of period (in 000’s)	$	43		$	24


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

204

Financial Highlights

NYLI PineStone Global Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			April 1, 2023 through October 31,			Year Ended March 31,
Class I	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	16.56		$	16.93		$	18.29		$	17.11		$	11.66		$	12.74
Net investment income (loss)(b)		0.10			0.06			0.07			0.05			0.05			0.08
Net realized and unrealized gain (loss)		3.95			(0.43	)		(0.50	)		1.82			5.52			(0.62	)
Total from investment operations		4.05			(0.37	)		(0.43	)		1.87			5.57			(0.54	)
Less distributions:
From net investment income		(0.11	)		—			(0.08	)		(0.05	)		(0.06	)		(0.13	)
From net realized gain on investments		—			—			(0.85	)		(0.64	)		(0.06	)		(0.41	)
Total distributions		(0.11	)		—			(0.93	)		(0.69	)		(0.12	)		(0.54	)
Net asset value at end of period	$	20.50		$	16.56		$	16.93		$	18.29		$	17.11		$	11.66
Total investment return		24.53	%(c)		(2.19	)%(c)		(1.92	)%(d)(e)		10.58	%(d)(e)		47.78	%(d)(e)		(4.97	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.51	%		0.55	%††		0.44	%(f)(g)		0.26	%(f)(g)		0.35	%(f)(g)		0.60	%(f)(g)
Net expenses		0.85	%(h)		0.88	%††(h)		0.90	%(f)(g)		0.90	%(f)(g)		0.90	%(f)(g)		0.90	%(f)(g)
Expenses (before waiver/reimbursement)		1.49	%(h)		2.04	%††(h)		2.01	%(g)		1.70	%(g)		2.05	%(g)		2.14	%(g)
Portfolio turnover rate		19	%		7	%		11	%(e)		25	%(e)		16	%(e)		45	%(e)
Net assets at end of period (in 000's)	$	24,582		$	21,438		$	27,257		$	31,172		$	26,361		$	15,613


#	The Fund changed its fiscal year end from March 31 to October 31.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,			August 28, 2023^ through October 31,
Class R6	2024			2023
Net asset value at beginning of period	$	16.56		$	17.68
Net investment income (loss)(a)		0.11			0.01
Net realized and unrealized gain (loss)		3.94			(1.13	)
Total from investment operations		4.05			(1.12	)
Less distributions:
From net investment income		(0.11	)		—
Net asset value at end of period	$	20.50		$	16.56
Total investment return(b)		24.53	%		(6.33	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.56	%		0.45	%††
Net expenses(d)		0.84	%		0.84	%††
Expenses (before waiver/reimbursement)(d)		1.45	%		1.69	%††
Portfolio turnover rate		19	%		7	%
Net assets at end of period (in 000’s)	$	40		$	24


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

205

Financial Highlights

NYLI PineStone Global Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			August 28, 2023^ through October 31,
Class P	2024			2023
Net asset value at beginning of period	$	16.56		$	17.68
Net investment income (loss)(a)		0.10			0.01
Net realized and unrealized gain (loss)		3.95			(1.13	)
Total from investment operations		4.05			(1.12	)
Less distributions:
From net investment income		(0.10	)		—
Net asset value at end of period	$	20.51		$	16.56
Total investment return(b)		24.53	%		(6.33	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.50	%		0.44	%††
Net expenses(d)		0.85	%		0.85	%††
Expenses (before waiver/reimbursement)(d)		1.47	%		1.69	%††
Portfolio turnover rate		19	%		7	%
Net assets at end of period (in 000’s)	$	29		$	24


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

206

Financial Highlights

NYLI PineStone International Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			April 1, 2023 through October 31,			Year Ended March 31,
Class A	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	13.50		$	14.51		$	14.70		$	14.06		$	9.92		$	10.48
Net investment income (loss)(b)		0.08			0.02			0.07			0.04			0.03			0.05
Net realized and unrealized gain (loss)		3.29			(1.02	)		(0.16	)		0.65			4.37			(0.50	)
Total from investment operations		3.37			(1.00	)		(0.09	)		0.69			4.40			(0.45	)
Less distributions:
From net investment income		(0.05	)		(0.01	)		(0.10	)		(0.03	)		(0.04	)		(0.08	)
From net realized gain on investments		—			—			—			(0.02	)		(0.22	)		(0.03	)
Total distributions		(0.05	)		(0.01	)		(0.10	)		(0.05	)		(0.26	)		(0.11	)
Net asset value at end of period	$	16.82		$	13.50		$	14.51		$	14.70		$	14.06		$	9.92
Total investment return		25.03	%(c)		(6.89	)%(c)		(0.57	)%(d)(e)		4.91	%(d)(e)		44.38	%(d)(e)		(4.48	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.50	%		0.25	%††		0.50	%(f)(g)		0.27	%(f)(g)		0.19	%(f)(g)		0.44	%(f)(g)
Net expenses		1.10	%(h)		1.21	%††(h)		1.25	%(f)(g)		1.25	%(f)(g)		1.25	%(f)(g)		1.25	%(f)(g)
Expenses (before waiver/reimbursement)		1.19	%(h)		1.36	%††(h)		1.55	%(g)		1.49	%(g)		1.55	%(g)		1.56	%(g)
Portfolio turnover rate		10	%		12	%		11	%(e)		2	%(e)		12	%(e)		8	%(e)
Net assets at end of period (in 000's)	$	79,325		$	56,733		$	5,162		$	2,260		$	1,516		$	324


#	The Fund changed its fiscal year end from March 31 to October 31.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,			August 28, 2023^ through October 31,
Investor Class	2024			2023
Net asset value at beginning of period	$	13.49		$	14.71
Net investment income (loss)(a)		0.02			(0.01	)
Net realized and unrealized gain (loss)		3.29			(1.21	)
Total from investment operations		3.31			(1.22	)
Less distributions:
From net investment income		(0.04	)		—
Net asset value at end of period	$	16.76		$	13.49
Total investment return(b)		24.60	%		(8.29	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.11	%		(0.32	)%††
Net expenses(d)		1.49	%		1.49	%††
Expenses (before waiver/reimbursement)(d)		1.72	%		1.61	%††
Portfolio turnover rate		10	%		12	%
Net assets at end of period (in 000's)	$	13,841		$	12,660


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

207

Financial Highlights

NYLI PineStone International Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			August 28, 2023^ through October 31,
Class C	2024			2023
Net asset value at beginning of period	$	13.47		$	14.71
Net investment income (loss)(a)		(0.10	)		(0.03	)
Net realized and unrealized gain (loss)		3.29			(1.21	)
Total from investment operations		3.19			(1.24	)
Less distributions:
From net investment income		(0.01	)		—
Net asset value at end of period	$	16.65		$	13.47
Total investment return(b)		23.67	%		(8.43	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.64	)%		(1.06	)%††
Net expenses(d)		2.24	%		2.24	%††
Expenses (before waiver/reimbursement)(d)		2.47	%		2.36	%††
Portfolio turnover rate		10	%		12	%
Net assets at end of period (in 000’s)	$	871		$	739


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

208

Financial Highlights

NYLI PineStone International Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			April 1, 2023 through October 31,			Year Ended March 31,
Class I	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	13.53		$	14.53		$	14.70		$	14.06		$	9.92		$	10.48
Net investment income (loss)(b)		0.12			0.09			0.10			0.08			0.06			0.08
Net realized and unrealized gain (loss)		3.31			(1.07	)		(0.16	)		0.65			4.34			(0.50	)
Total from investment operations		3.43			(0.98	)		(0.06	)		0.73			4.40			(0.42	)
Less distributions:
From net investment income		(0.06	)		(0.02	)		(0.11	)		(0.07	)		(0.04	)		(0.11	)
From net realized gain on investments		—			—			—			(0.02	)		(0.22	)		(0.03	)
Total distributions		(0.06	)		(0.02	)		(0.11	)		(0.09	)		(0.26	)		(0.14	)
Net asset value at end of period	$	16.90		$	13.53		$	14.53		$	14.70		$	14.06		$	9.92
Total investment return		25.40	%(c)		(6.73	)%(c)		(0.33	)%(d)(e)		5.16	%(d)(e)		44.43	%(d)(e)		(4.23	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.72	%		1.03	%††		0.75	%(f)(g)		0.52	%(f)(g)		0.44	%(f)(g)		0.69	%(f)(g)
Net expenses		0.85	%(h)		0.95	%††(h)		1.00	%(f)(g)		1.00	%(f)(g)		1.00	%(f)(g)		1.00	%(f)(g)
Expenses (before waiver/reimbursement)		0.93	%(h)		1.19	%††(h)		1.30	%(g)		1.24	%(g)		1.30	%(g)		1.31	%(g)
Portfolio turnover rate		10	%		12	%		11	%(e)		2	%(e)		12	%(e)		8	%(e)
Net assets at end of period (in 000's)	$	335,817		$	190,764		$	196,962		$	217,664		$	160,421		$	79,543


#	The Fund changed its fiscal year end from March 31 to October 31.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,			April 1, 2023 through October 31,			Year Ended March 31,
Class R6	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	13.59		$	14.60		$	14.77		$	14.12		$	9.96		$	10.52
Net investment income (loss)(b)		0.14			0.08			0.13			0.11			0.08			0.10
Net realized and unrealized gain (loss)		3.31			(1.05	)		(0.16	)		0.66			4.36			(0.51	)
Total from investment operations		3.45			(0.97	)		(0.03	)		0.77			4.44			(0.41	)
Less distributions:
From net investment income		(0.07	)		(0.04	)		(0.14	)		(0.10	)		(0.06	)		(0.12	)
From net realized gain on investments		—			—			—			(0.02	)		(0.22	)		(0.03	)
Total distributions		(0.07	)		(0.04	)		(0.14	)		(0.12	)		(0.28	)		(0.15	)
Net asset value at end of period	$	16.97		$	13.59		$	14.60		$	14.77		$	14.12		$	9.96
Total investment return		25.48	%(c)		(6.66	)%(c)		(0.10	)%(d)(e)		5.39	%(d)(e)		44.65	%(d)(e)		(4.07	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.82	%		0.98	%††		0.95	%(f)(g)		0.72	%(f)(g)		0.64	%(f)(g)		0.89	%(f)(g)
Net expenses		0.80	%(h)		0.80	%††(h)		0.80	%(f)(g)		0.80	%(f)(g)		0.80	%(f)(g)		0.80	%(f)(g)
Expenses (before waiver/reimbursement)		0.89	%(h)		1.09	%††(h)		1.30	%(g)		1.24	%(g)		1.30	%(g)		1.31	%(g)
Portfolio turnover rate		10	%		12	%		11	%(e)		2	%(e)		12	%(e)		8	%(e)
Net assets at end of period (in 000's)	$	203,904		$	94,796		$	39,343		$	43,451		$	41,229		$	45,405


#	The Fund changed its fiscal year end from March 31 to October 31.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.

209

Financial Highlights


(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

210

Financial Highlights

NYLI PineStone International Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			August 28, 2023^ through October 31,
Class P	2024			2023
Net asset value at beginning of period	$	13.53		$	14.73
Net investment income (loss)(a)		0.13			0.01
Net realized and unrealized gain (loss)		3.30			(1.21	)
Total from investment operations		3.43			(1.20	)
Less distributions:
From net investment income		(0.07	)		—
Net asset value at end of period	$	16.89		$	13.53
Total investment return(b)		25.43	%		(8.15	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.80	%		0.33	%††
Net expenses(d)		0.80	%		0.85	%††
Expenses (before waiver/reimbursement)(d)		0.89	%		0.91	%††
Portfolio turnover rate		10	%		12	%
Net assets at end of period (in 000’s)	$	29		$	23


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

211

Financial Highlights

NYLI PineStone U.S. Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			April 1, 2023 through October 31,			Year Ended March 31,									September 30, 2019^ through March 31,
Class A	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	15.54		$	15.16		$	15.92		$	13.93		$	9.28		$	10.00
Net investment income (loss)(b)		0.05			(0.01	)		0.04			0.02			0.03			0.03
Net realized and unrealized gain (loss)		3.57			0.39			(0.31	)		2.12			4.78			(0.72	)
Total from investment operations		3.62			0.38			(0.27	)		2.14			4.81			(0.69	)
Less distributions:
From net investment income		(0.04	)		—			(0.03	)		(0.02	)		(0.03	)		(0.03	)
From net realized gain on investments		(0.01	)		—			(0.46	)		(0.13	)		(0.13	)		(0.00	)‡
Total distributions		(0.05	)		—			(0.49	)		(0.15	)		(0.16	)		(0.03	)
Net asset value at end of period	$	19.11		$	15.54		$	15.16		$	15.92		$	13.93		$	9.28
Total investment return		23.34	%(c)		2.51	%(c)		(1.45	)%(d)(e)		15.20	%(d)(e)		52.04	%(d)(e)		(6.96	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.28	%		(0.12	)%††		0.27	%(f)(g)		0.09	%(f)(g)		0.24	%(f)(g)		0.48	%(f)(g)
Net expenses		0.90	%(h)		0.97	%††(h)		1.00	%(f)(g)		1.00	%(f)(g)		1.00	%(f)(g)		1.00	%(f)(g)
Expenses (before waiver/reimbursement)		0.90	%(h)		0.99	%††(h)		1.21	%(g)		1.13	%(g)		1.29	%(g)		1.73	%(g)
Portfolio turnover rate		8	%		2	%		6	%(e)		10	%(e)		8	%(e)		6	%(e)
Net assets at end of period (in 000's)	$	3,437		$	769		$	17		$	16		$	14		$	9


#	The Fund changed its fiscal year end from March 31 to October 31.
^	Inception date.
‡	Less than one cent per share.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,			August 28, 2023^ through October 31,
Class C	2024			2023
Net asset value at beginning of year	$	15.51		$	16.32
Net investment income (loss)(a)		(0.12	)		(0.02	)
Net realized and unrealized gain (loss)		3.55			(0.79	)
Total from investment operations		3.43			(0.81	)
Less distributions:
From net investment income		(0.01	)		—
From net realized gain on investments		(0.01	)		—
Total distributions		(0.02	)		—
Net asset value at end of year	$	18.92		$	15.51
Total investment return		22.18	%		(4.96	)%(b)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.64	)%		(0.75	)%††
Net expenses(c)		1.85	%		1.89	%††
Expenses (before waiver/reimbursement)(c)		1.85	%		1.91	%††
Portfolio turnover rate		8	%		2	%
Net assets at end of year (in 000’s)	$	61		$	24


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

212

Financial Highlights

NYLI PineStone U.S. Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			April 1, 2023 through October 31,			Year Ended March 31,									September 30, 2019^ through March 31,
Class I	2024			2023#(a)			2023			2022			2021			2020
Net asset value at beginning of period	$	15.57		$	15.17		$	15.94		$	13.95		$	9.28		$	10.00
Net investment income (loss)(b)		0.10			0.04			0.07			0.05			0.06			0.04
Net realized and unrealized gain (loss)		3.58			0.36			(0.31	)		2.13			4.79			(0.73	)
Total from investment operations		3.68			0.40			(0.24	)		2.18			4.85			(0.69	)
Less distributions:
From net investment income		(0.04	)		—			(0.07	)		(0.06	)		(0.05	)		(0.03	)
From net realized gain on investments		(0.01	)		—			(0.46	)		(0.13	)		(0.13	)		(0.00	)‡
Total distributions		(0.05	)		—			(0.53	)		(0.19	)		(0.18	)		(0.03	)
Net asset value at end of period	$	19.20		$	15.57		$	15.17		$	15.94		$	13.95		$	9.28
Total investment return		23.74	%(c)		2.64	%(c)		(1.26	)%(d)(e)		15.49	%(d)(e)		52.48	%(d)(e)		(6.91	)%(d)(e)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.53	%		0.40	%††		0.51	%(f)(g)		0.33	%(f)(g)		0.48	%(f)(g)		0.73	%(f)(g)
Net expenses		0.65	%(h)		0.75	%††(h)		0.75	%(f)(g)		0.75	%(f)(g)		0.75	%(f)(g)		0.75	%(f)(g)
Expenses (before waiver/reimbursement)		0.65	%(h)		0.86	%††(h)		0.96	%(g)		0.88	%(g)		1.04	%(g)		1.48	%(g)
Portfolio turnover rate		8	%		2	%		6	%(e)		10	%(e)		8	%(e)		6	%(e)
Net assets at end of period (in 000's)	$	198,445		$	96,988		$	89,251		$	97,068		$	81,645		$	43,299


#	The Fund changed its fiscal year end from March 31 to October 31.
^	Inception date.
‡	Less than one cent per share.
††	Annualized.
(a)	Beginning with the period ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.
(b)	Per share data based on average shares outstanding during the period.
(c)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(d)	Based on net asset value as of end of period date.
(e)	Not annualized for periods less than one year.
(f)	The contractual and voluntary expense waiver of the prior Manager are reflected in both the net expense and net investment income (loss) ratios.
(g)	Annualized, with the exception of non-recurring organizational costs.
(h)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,			August 28, 2023^ through October 31,
Class R6	2024			2023
Net asset value at beginning of year	$	15.57		$	16.35
Net investment income (loss)(a)		0.11			0.00‡
Net realized and unrealized gain (loss)		3.57			(0.78	)
Total from investment operations		3.68			(0.78	)
Less distributions:
From net investment income		(0.05	)		—
From net realized gain on investments		(0.01	)		—
Total distributions		(0.06	)		—
Net asset value at end of year	$	19.19		$	15.57
Total investment return(b)		23.71	%		(4.77	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.60	%		0.10	%††
Net expenses(d)		0.61	%		0.63	%††
Portfolio turnover rate		8	%		2	%
Net assets at end of year (in 000’s)	$	264,686		$	105,394


^	Inception date.
‡	Less than one cent per share.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

213

Financial Highlights

NYLI PineStone U.S. Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,			August 28, 2023^ through October 31,
Class P	2024			2023
Net asset value at beginning of year	$	15.58		$	16.35
Net investment income (loss)(a)		0.07			0.01
Net realized and unrealized gain (loss)		3.61			(0.78	)
Total from investment operations		3.68			(0.77	)
Less distributions:
From net investment income		(0.05	)		—
From net realized gain on investments		(0.01	)		—
Total distributions		(0.06	)		—
Net asset value at end of year	$	19.20		$	15.58
Total investment return(b)		23.69	%		(4.71	)%(c)
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.36	%		0.48	%††
Net expenses(d)		0.62	%		0.66	%††
Portfolio turnover rate		8	%		2	%
Net assets at end of year (in 000’s)	$	97,236		$	24


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class P shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

214

Financial Highlights

NYLI S&P 500 Index Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	48.33		$	48.54		$	59.77		$	45.82		$	49.60
Net investment income (loss)(a)		0.56			0.56			0.52			0.49			0.58
Net realized and unrealized gain (loss)		16.88			3.75			(9.12	)		17.71			3.44
Total from investment operations		17.44			4.31			(8.60	)		18.20			4.02
Less distributions:
From net investment income		(0.58	)		(0.57	)		(0.53	)		(0.55	)		(0.91	)
From net realized gain on investments		(1.56	)		(3.95	)		(2.10	)		(3.70	)		(6.89	)
Total distributions		(2.14	)		(4.52	)		(2.63	)		(4.25	)		(7.80	)
Net asset value at end of year	$	63.63		$	48.33		$	48.54		$	59.77		$	45.82
Total investment return(b)		37.25	%		9.58	%		(15.03	)%		42.19	%		9.21	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.96	%		1.16	%		0.99	%		0.92	%		1.32	%
Net expenses(c)		0.51	%		0.52	%		0.52	%		0.50	%		0.54	%
Portfolio turnover rate		3	%		2	%		2	%		5	%		15	%
Net assets at end of year (in 000’s)	$	1,150,284		$	819,687		$	763,996		$	894,565		$	602,036


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	48.18		$	48.39		$	59.55		$	45.68		$	49.50
Net investment income (loss)(a)		0.46			0.47			0.43			0.40			0.51
Net realized and unrealized gain (loss)		16.85			3.74			(9.10	)		17.63			3.43
Total from investment operations		17.31			4.21			(8.67	)		18.03			3.94
Less distributions:
From net investment income		(0.49	)		(0.47	)		(0.39	)		(0.46	)		(0.87	)
From net realized gain on investments		(1.56	)		(3.95	)		(2.10	)		(3.70	)		(6.89	)
Total distributions		(2.05	)		(4.42	)		(2.49	)		(4.16	)		(7.76	)
Net asset value at end of year	$	63.44		$	48.18		$	48.39		$	59.55		$	45.68
Total investment return(b)		37.03	%		9.37	%		(15.18	)%		41.89	%		9.03	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.81	%		0.99	%		0.80	%		0.75	%		1.16	%
Net expenses(c)		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses (before waiver/reimbursement)(c)		0.80	%		0.84	%		0.79	%		0.82	%		0.88	%
Portfolio turnover rate		3	%		2	%		2	%		5	%		15	%
Net assets at end of year (in 000's)	$	39,200		$	43,009		$	45,102		$	58,363		$	55,546


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

215

Financial Highlights

NYLI S&P 500 Index Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	49.45		$	49.58		$	60.97		$	46.66		$	50.38
Net investment income (loss)(a)		0.72			0.70			0.67			0.64			0.70
Net realized and unrealized gain (loss)		17.28			3.82			(9.30	)		18.03			3.50
Total from investment operations		18.00			4.52			(8.63	)		18.67			4.20
Less distributions:
From net investment income		(0.70	)		(0.70	)		(0.66	)		(0.66	)		(1.03	)
From net realized gain on investments		(1.56	)		(3.95	)		(2.10	)		(3.70	)		(6.89	)
Total distributions		(2.26	)		(4.65	)		(2.76	)		(4.36	)		(7.92	)
Net asset value at end of year	$	65.19		$	49.45		$	49.58		$	60.97		$	46.66
Total investment return(b)		37.62	%		9.84	%		(14.82	)%		42.56	%		9.47	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.23	%		1.41	%		1.23	%		1.19	%		1.56	%
Net expenses(c)		0.26	%		0.27	%		0.26	%		0.25	%		0.29	%
Portfolio turnover rate		3	%		2	%		2	%		5	%		15	%
Net assets at end of year (in 000’s)	$	294,626		$	265,489		$	273,022		$	483,174		$	436,446


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,												August 31, 2020^ through October 31,
SIMPLE Class	2024			2023			2022			2021			2020
Net asset value at beginning of period	$	48.19		$	48.43		$	59.73		$	45.65			48.83*
Net investment income (loss)(a)		0.40			0.40			0.29			0.21			0.02
Net realized and unrealized gain (loss)		16.86			3.75			(9.11	)		17.74			(3.20	)
Total from investment operations		17.26			4.15			(8.82	)		17.95			(3.18	)
Less distributions:
From net investment income		(0.52	)		(0.44	)		(0.38	)		(0.17	)		—
From net realized gain on investments		(1.56	)		(3.95	)		(2.10	)		(3.70	)		—
Total distributions		(2.08	)		(4.39	)		(2.48	)		(3.87	)		—
Net asset value at end of period	$	63.37		$	48.19		$	48.43		$	59.73		$	45.65
Total investment return(b)		36.93	%		9.24	%		(15.39	)%		41.54	%		(6.51	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.69	%		0.82	%		0.56	%		0.39	%		0.30	%††
Net expenses(c)		0.74	%		0.82	%(d)		0.95	%		0.95	%		0.95	%††
Expenses (before waiver/reimbursement)(c)		0.74	%		0.82	%		1.04	%		1.06	%		1.15	%††
Portfolio turnover rate		3	%		2	%		2	%		5	%		15	%
Net assets at end of period (in 000’s)	$	1,668		$	395		$	185		$	68		$	23


^	Inception date.
*	Based on the net asset value of Investor Class as of August 31, 2020.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.

216

Financial Highlights

NYLI Winslow Large Cap Growth Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.39		$	8.03		$	14.92		$	11.08		$	9.59
Net investment income (loss)(a)		(0.04	)		(0.03	)		(0.04	)		(0.07	)		(0.03	)
Net realized and unrealized gain (loss)		3.60			1.44			(3.74	)		4.55			2.58
Total from investment operations		3.56			1.41			(3.78	)		4.48			2.55
Less distributions:
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Net asset value at end of year	$	11.00		$	8.39		$	8.03		$	14.92		$	11.08
Total investment return(b)		45.84	%		19.57	%		(31.71	)%		42.16	%		29.44	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.43	)%		(0.39	)%		(0.37	)%		(0.53	)%		(0.31	)%
Net expenses(c)		0.94	%		0.98	%		0.96	%		0.93	%		0.97	%
Expenses (before waiver/reimbursement)(c)		0.95	%		0.98	%(d)		0.96	%(d)		0.94	%		0.97	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	1,609,442		$	1,153,265		$	1,065,870		$	1,745,833		$	1,341,381


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.07		$	7.78		$	14.56		$	10.84		$	9.42
Net investment income (loss)(a)		(0.06	)		(0.05	)		(0.05	)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss)		3.45			1.39			(3.62	)		4.44			2.52
Total from investment operations		3.39			1.34			(3.67	)		4.36			2.48
Less distributions:
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Net asset value at end of year	$	10.51		$	8.07		$	7.78		$	14.56		$	10.84
Total investment return(b)		45.51	%		19.26	%		(31.75	)%		41.98	%		29.19	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.60	)%		(0.59	)%		(0.52	)%		(0.67	)%		(0.43	)%
Net expenses(c)		1.13	%		1.19	%		1.11	%		1.08	%		1.10	%
Expenses (before waiver/reimbursement)(c)		1.14	%		1.19	%(d)		1.11	%(d)		1.09	%		1.10	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000's)	$	65,173		$	61,360		$	64,065		$	106,354		$	110,831


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.

217

Financial Highlights

NYLI Winslow Large Cap Growth Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	5.02		$	5.26		$	10.93		$	8.35		$	7.53
Net investment income (loss)(a)		(0.08	)		(0.07	)		(0.08	)		(0.13	)		(0.09	)
Net realized and unrealized gain (loss)		2.05			0.88			(2.48	)		3.35			1.97
Total from investment operations		1.97			0.81			(2.56	)		3.22			1.88
Less distributions:
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Net asset value at end of year	$	6.04		$	5.02		$	5.26		$	10.93		$	8.35
Total investment return(b)		44.73	%		18.24	%		(32.29	)%		40.77	%		28.46	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(1.35	)%		(1.34	)%		(1.27	)%		(1.42	)%		(1.17	)%
Net expenses(c)		1.88	%		1.94	%		1.86	%		1.83	%		1.85	%
Expenses (before waiver/reimbursement)(c)		1.89	%		1.94	%(d)		1.86	%(d)		1.84	%		1.85	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	42,297		$	38,923		$	46,833		$	90,377		$	95,761


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.

218

Financial Highlights

NYLI Winslow Large Cap Growth Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	9.85		$	9.24		$	16.66		$	12.28		$	10.49
Net investment income (loss)(a)		(0.02	)		(0.01	)		(0.01	)		(0.04	)		(0.01	)
Net realized and unrealized gain (loss)		4.28			1.68			(4.30	)		5.06			2.86
Total from investment operations		4.26			1.67			(4.31	)		5.02			2.85
Less distributions:
From net investment income		—			(0.01	)		—			—			—
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Total distributions		(0.95	)		(1.06	)		(3.11	)		(0.64	)		(1.06	)
Net asset value at end of year	$	13.16		$	9.85		$	9.24		$	16.66		$	12.28
Total investment return(b)		46.17	%		19.89	%		(31.55	)%		42.46	%		29.80	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.17	)%		(0.14	)%		(0.11	)%		(0.28	)%		(0.06	)%
Net expenses(c)		0.69	%		0.73	%		0.71	%		0.68	%		0.72	%
Expenses (before waiver/reimbursement)(c)		0.70	%		0.73	%(d)		0.71	%(d)		0.69	%		0.72	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	7,604,267		$	6,217,494		$	6,016,574		$	8,434,291		$	6,824,224


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.


	Year Ended October 31,
Class R1	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	9.32		$	8.80		$	16.03		$	11.85		$	10.17
Net investment income (loss)(a)		(0.03	)		(0.02	)		(0.02	)		(0.05	)		(0.02	)
Net realized and unrealized gain (loss)		4.04			1.59			(4.10	)		4.87			2.76
Total from investment operations		4.01			1.57			(4.12	)		4.82			2.74
Less distributions:
From net investment income		—			(0.00	)‡		—			—			—
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Total distributions		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Net asset value at end of year	$	12.38		$	9.32		$	8.80		$	16.03		$	11.85
Total investment return(b)		46.10	%		19.73	%		(31.62	)%		42.30	%		29.64	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.27	)%		(0.25	)%		(0.22	)%		(0.38	)%		(0.15	)%
Net expenses(c)		0.79	%		0.83	%		0.81	%		0.78	%		0.82	%
Expenses (before waiver/reimbursement)(c)		0.80	%		0.83	%(d)		0.81	%(d)		0.79	%		0.82	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	1,045,850		$	850,155		$	721,142		$	1,207,903		$	914,359


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R1 shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.

219

Financial Highlights

NYLI Winslow Large Cap Growth Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class R2	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.25		$	7.93		$	14.78		$	10.99		$	9.53
Net investment income (loss)(a)		(0.05	)		(0.04	)		(0.04	)		(0.08	)		(0.04	)
Net realized and unrealized gain (loss)		3.54			1.41			(3.70	)		4.51			2.56
Total from investment operations		3.49			1.37			(3.74	)		4.43			2.52
Less distributions:
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Net asset value at end of year	$	10.79		$	8.25		$	7.93		$	14.78		$	10.99
Total investment return(b)		45.74	%		19.29	%		(31.74	)%		42.04	%		29.29	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.52	)%		(0.49	)%		(0.47	)%		(0.63	)%		(0.40	)%
Net expenses(c)		1.04	%		1.08	%		1.06	%		1.03	%		1.07	%
Expenses (before waiver/reimbursement)(c)		1.05	%		1.08	%(d)		1.06	%(d)		1.04	%		1.07	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	132,364		$	111,520		$	106,414		$	188,790		$	159,297


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R2 shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.


	Year Ended October 31,
Class R3	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	7.25		$	7.10		$	13.60		$	10.19		$	8.93
Net investment income (loss)(a)		(0.07	)		(0.05	)		(0.06	)		(0.10	)		(0.06	)
Net realized and unrealized gain (loss)		3.08			1.25			(3.33	)		4.15			2.38
Total from investment operations		3.01			1.20			(3.39	)		4.05			2.32
Less distributions:
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Net asset value at end of year	$	9.31		$	7.25		$	7.10		$	13.60		$	10.19
Total investment return(b)		45.40	%		19.11	%		(31.98	)%		41.60	%		28.99	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.78	)%		(0.73	)%		(0.72	)%		(0.88	)%		(0.65	)%
Net expenses(c)		1.29	%		1.33	%		1.31	%		1.28	%		1.32	%
Expenses (before waiver/reimbursement)(c)		1.30	%		1.33	%(d)		1.31	%(d)		1.29	%		1.32	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	45,092		$	34,337		$	38,027		$	63,195		$	56,657


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R3 shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.

220

Financial Highlights

NYLI Winslow Large Cap Growth Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class R6	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	10.00		$	9.37		$	16.84		$	12.39		$	10.58
Net investment income (loss)(a)		(0.01	)		(0.01	)		(0.00	)‡		(0.03	)		0.00‡
Net realized and unrealized gain (loss)		4.35			1.71			(4.36	)		5.12			2.88
Total from investment operations		4.34			1.70			(4.36	)		5.09			2.88
Less distributions:
From net investment income		—			(0.02	)		—			—			(0.01	)
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		(1.06	)
Total distributions		(0.95	)		(1.07	)		(3.11	)		(0.64	)		(1.07	)
Net asset value at end of year	$	13.39		$	10.00		$	9.37		$	16.84		$	12.39
Total investment return(b)		46.29	%		19.95	%		(31.50	)%		42.65	%		29.83	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.10	)%		(0.05	)%		(0.04	)%		(0.22	)%		0.02	%
Net expenses(c)		0.62	%		0.64	%		0.63	%		0.62	%		0.64	%
Expenses (before waiver/reimbursement)(c)		0.63	%		0.64	%(d)		0.64	%(d)		0.63	%		0.64	%
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	3,697,455		$	3,455,134		$	3,285,993		$	4,782,798		$	3,981,812


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.


	Year Ended October 31,												August 31, 2020^ through October 31,
SIMPLE Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	8.00		$	7.72		$	14.52		$	10.84			11.84*
Net investment income (loss)(a)		(0.07	)		(0.05	)		(0.07	)		(0.12	)		(0.02	)
Net realized and unrealized gain (loss)		3.42			1.38			(3.62	)		4.44			(0.98	)
Total from investment operations		3.35			1.33			(3.69	)		4.32			(1.00	)
Less distributions:
From net realized gain on investments		(0.95	)		(1.05	)		(3.11	)		(0.64	)		—
Net asset value at end of year	$	10.40		$	8.00		$	7.72		$	14.52		$	10.84
Total investment return(b)		45.40	%		19.28	%		(32.02	)%		41.59	%		(8.45	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.68	)%		(0.68	)%		(0.77	)%		(0.96	)%		(1.00	)%††
Net expenses(c)		1.19	%		1.24	%		1.37	%		1.33	%		1.32	%††
Expenses (before waiver/reimbursement)(c)		1.20	%		1.24	%(d)		1.38	%(d)		1.34	%		1.33	%††
Portfolio turnover rate		70	%		81	%		77	%		66	%		44	%
Net assets at end of year (in 000’s)	$	729		$	358		$	220		$	71		$	23


^	Inception date.
*	Based on the net asset value of Investor Class as of August 31, 2020.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. SIMPLE Class shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.

221

Financial Highlights

NYLI WMC Enduring Capital Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	29.86		$	30.01		$	36.76		$	24.95		$	24.92
Net investment income (loss)(a)		0.13			0.11			0.06			0.06			0.16
Net realized and unrealized gain (loss)		8.91			0.92			(3.74	)		11.99			1.36
Total from investment operations		9.04			1.03			(3.68	)		12.05			1.52
Less distributions:
From net investment income		(0.22	)		(0.08	)		(0.04	)		(0.24	)		(0.27	)
From net realized gain on investments		—			(1.10	)		(3.03	)		—			(1.22	)
Total distributions		(0.22	)		(1.18	)		(3.07	)		(0.24	)		(1.49	)
Net asset value at end of year	$	38.68		$	29.86		$	30.01		$	36.76		$	24.95
Total investment return(b)		30.40	%		3.36	%		(10.96	)%		48.53	%		6.42	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.37	%		0.35	%		0.18	%		0.19	%		0.64	%
Net expenses(c)		0.93	%		0.94	%		0.94	%		0.91	%		0.99	%
Portfolio turnover rate		7	%		17	%		2	%		24	%		166	%
Net assets at end of year (in 000’s)	$	250,460		$	197,726		$	196,218		$	228,700		$	62,611


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	29.80		$	29.97		$	36.73		$	24.92		$	24.90
Net investment income (loss)(a)		0.07			0.04			0.01			(0.01	)		0.08
Net realized and unrealized gain (loss)		8.89			0.91			(3.74	)		11.98			1.37
Total from investment operations		8.96			0.95			(3.73	)		11.97			1.45
Less distributions:
From net investment income		(0.15	)		(0.02	)		—			(0.16	)		(0.21	)
From net realized gain on investments		—			(1.10	)		(3.03	)		—			(1.22	)
Total distributions		(0.15	)		(1.12	)		(3.03	)		(0.16	)		(1.43	)
Net asset value at end of year	$	38.61		$	29.80		$	29.97		$	36.73		$	24.92
Total investment return(b)		30.15	%		3.13	%		(11.13	)%		48.22	%		6.05	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.19	%		0.13	%		0.03	%		(0.02	)%		0.35	%
Net expenses(c)		1.15	%		1.17	%		1.11	%		1.19	%		1.30	%
Expenses (before waiver/reimbursement)(c)		1.15	%		1.17	%		1.11	%		1.19	%		1.31	%
Portfolio turnover rate		7	%		17	%		2	%		24	%		166	%
Net assets at end of year (in 000's)	$	20,839		$	21,764		$	22,977		$	29,293		$	15,544


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

222

Financial Highlights

NYLI WMC Enduring Capital Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	25.94		$	26.39		$	32.93		$	22.38		$	22.48
Net investment income (loss)(a)		(0.16	)		(0.16	)		(0.21	)		(0.24	)		(0.08	)
Net realized and unrealized gain (loss)		7.71			0.81			(3.30	)		10.79			1.22
Total from investment operations		7.55			0.65			(3.51	)		10.55			1.14
Less distributions:
From net investment income		(0.05	)		—			—			—			(0.02	)
From net realized gain on investments		—			(1.10	)		(3.03	)		—			(1.22	)
Total distributions		(0.05	)		(1.10	)		(3.03	)		—			(1.24	)
Net asset value at end of year	$	33.44		$	25.94		$	26.39		$	32.93		$	22.38
Total investment return(b)		29.12	%		2.39	%		(11.80	)%		47.14	%(c)		5.29	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.50	)%		(0.60	)%		(0.72	)%		(0.80	)%		(0.38	)%
Net expenses(d)		1.90	%		1.92	%		1.86	%		1.89	%		2.05	%
Expenses (before waiver/reimbursement)(d)		1.90	%		1.92	%		1.86	%		1.89	%		2.06	%
Portfolio turnover rate		7	%		17	%		2	%		24	%		166	%
Net assets at end of year (in 000’s)	$	12,031		$	16,624		$	23,500		$	37,234		$	6,641


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

223

Financial Highlights

NYLI WMC Enduring Capital Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	30.09		$	30.24		$	36.99		$	25.09		$	25.05
Net investment income (loss)(a)		0.24			0.19			0.15			0.16			0.23
Net realized and unrealized gain (loss)		8.97			0.92			(3.77	)		12.03			1.37
Total from investment operations		9.21			1.11			(3.62	)		12.19			1.60
Less distributions:
From net investment income		(0.30	)		(0.16	)		(0.10	)		(0.29	)		(0.34	)
From net realized gain on investments		—			(1.10	)		(3.03	)		—			(1.22	)
Total distributions		(0.30	)		(1.26	)		(3.13	)		(0.29	)		(1.56	)
Net asset value at end of year	$	39.00		$	30.09		$	30.24		$	36.99		$	25.09
Total investment return(b)		30.76	%		3.60	%		(10.72	)%		48.97	%		6.66	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.65	%		0.62	%		0.45	%		0.48	%		0.96	%
Net expenses(c)		0.68	%		0.69	%		0.69	%		0.66	%		0.74	%
Portfolio turnover rate		7	%		17	%		2	%		24	%		166	%
Net assets at end of year (in 000’s)	$	80,225		$	75,684		$	73,935		$	135,219		$	37,491


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

224

Financial Highlights

NYLI WMC Enduring Capital Fund

(a series of New York Life Investments Funds )

(Selected per share data and ratios)


	Year Ended October 31,									April 26, 2021^ through October 31,
Class R6	2024			2023			2022			2021
Net asset value at beginning of period	$	30.10		$	30.24		$	37.00		$	33.07
Net investment income (loss)(a)		0.25			0.22			0.16			0.14
Net realized and unrealized gain (loss)		8.98			0.92			(3.77	)		3.79
Total from investment operations		9.23			1.14			(3.61	)		3.93
Less distributions:
From net investment income		(0.33	)		(0.18	)		(0.12	)		—
From net realized gain on investments		—			(1.10	)		(3.03	)		—
Total distributions		(0.33	)		(1.28	)		(3.15	)		—
Net asset value at end of period	$	39.00		$	30.10		$	30.24		$	37.00
Total investment return(b)		30.83	%		3.69	%		(10.69	)%		11.88	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.69	%		0.71	%		0.50	%		0.44	%††
Net expenses(c)		0.61	%		0.61	%		0.63	%		0.60	%††
Portfolio turnover rate		7	%		17	%		2	%		24	%
Net assets at end of period (in 000’s)	$	183,301		$	155,134		$	196,860		$	262,843


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

225

Financial Highlights

NYLI WMC Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	34.47		$	29.94		$	56.51		$	42.56		$	36.07
Net investment income (loss)(a)		(0.19	)		(0.12	)		(0.19	)		(0.23	)		(0.00	)‡
Net realized and unrealized gain (loss)		13.71			4.65			(14.75	)		15.93			7.78
Total from investment operations		13.52			4.53			(14.94	)		15.70			7.78
Less distributions:
From net investment income		—			—			—			—			(0.16	)
From net realized gain on investments		—			—			(11.63	)		(1.75	)		(1.13	)
Total distributions		—			—			(11.63	)		(1.75	)		(1.29	)
Net asset value at end of year	$	47.99		$	34.47		$	29.94		$	56.51		$	42.56
Total investment return(b)		39.22	%		15.13	%		(32.66	)%		37.87	%		22.21	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.42	)%		(0.34	)%		(0.53	)%		(0.46	)%		0.01	%
Net expenses(c)		1.03	%		1.05	%		1.04	%		1.02	%		1.04	%
Portfolio turnover rate		69	%		42	%		42	%		53	%		150	%
Net assets at end of year (in 000’s)	$	624,627		$	478,878		$	453,405		$	725,468		$	531,715


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	33.44		$	29.12		$	55.42		$	41.89		$	35.53
Net investment income (loss)(a)		(0.30	)		(0.20	)		(0.29	)		(0.35	)		(0.10	)
Net realized and unrealized gain (loss)		13.28			4.52			(14.38	)		15.63			7.65
Total from investment operations		12.98			4.32			(14.67	)		15.28			7.55
Less distributions:
From net investment income		—			—			—			—			(0.06	)
From net realized gain on investments		—			—			(11.63	)		(1.75	)		(1.13	)
Total distributions		—			—			(11.63	)		(1.75	)		(1.19	)
Net asset value at end of year	$	46.42		$	33.44		$	29.12		$	55.42		$	41.89
Total investment return(b)		38.82	%		14.84	%		(32.86	)%		37.46	%		21.84	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.71	)%		(0.62	)%		(0.81	)%		(0.71	)%		(0.26	)%
Net expenses(c)		1.32	%		1.32	%		1.33	%		1.32	%		1.34	%
Expenses (before waiver/reimbursement)(c)		1.41	%		1.50	%		1.36	%		1.40	%		1.41	%
Portfolio turnover rate		69	%		42	%		42	%		53	%		150	%
Net assets at end of year (in 000's)	$	73,970		$	63,644		$	59,377		$	93,624		$	97,709


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

226

Financial Highlights

NYLI WMC Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	29.57		$	25.94		$	50.99		$	38.95		$	33.30
Net investment income (loss)(a)		(0.56	)		(0.40	)		(0.51	)		(0.67	)		(0.36	)
Net realized and unrealized gain (loss)		11.72			4.03			(12.91	)		14.46			7.14
Total from investment operations		11.16			3.63			(13.42	)		13.79			6.78
Less distributions:
From net realized gain on investments		—			—			(11.63	)		(1.75	)		(1.13	)
Net asset value at end of year	$	40.73		$	29.57		$	25.94		$	50.99		$	38.95
Total investment return(b)		37.74	%		13.99	%		(33.37	)%		36.42	%		20.94	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(1.47	)%		(1.37	)%		(1.56	)%		(1.46	)%		(1.02	)%
Net expenses(c)		2.08	%		2.07	%		2.08	%		2.07	%		2.08	%
Expenses (before waiver/reimbursement)(c)		2.16	%		2.25	%		2.11	%		2.15	%		2.15	%
Portfolio turnover rate		69	%		42	%		42	%		53	%		150	%
Net assets at end of year (in 000’s)	$	1,927		$	1,657		$	1,318		$	2,880		$	3,068


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

227

Financial Highlights

NYLI WMC Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	36.05		$	31.22		$	58.27		$	43.72		$	37.01
Net investment income (loss)(a)		(0.07	)		(0.02	)		(0.07	)		0.02			0.11
Net realized and unrealized gain (loss)		14.35			4.85			(15.35	)		16.28			7.97
Total from investment operations		14.28			4.83			(15.42	)		16.30			8.08
Less distributions:
From net investment income		—			—			—			—			(0.24	)
From net realized gain on investments		—			—			(11.63	)		(1.75	)		(1.13	)
Total distributions		—			—			(11.63	)		(1.75	)		(1.37	)
Net asset value at end of year	$	50.33		$	36.05		$	31.22		$	58.27		$	43.72
Total investment return(b)		39.61	%		15.47	%		(32.46	)%		38.25	%		22.53	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.15	)%		(0.04	)%		(0.20	)%		0.04	%		0.28	%
Net expenses(c)		0.75	%		0.75	%		0.75	%		0.77	%		0.79	%
Expenses (before waiver/reimbursement)(c)		0.78	%		0.80	%		0.79	%		0.78	%		0.79	%
Portfolio turnover rate		69	%		42	%		42	%		53	%		150	%
Net assets at end of year (in 000’s)	$	60,639		$	44,833		$	38,498		$	14,025		$	102,290


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

228

Financial Highlights

NYLI WMC Growth Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,									April 26, 2021^ through October 31,
Class R6	2024			2023			2022			2021
Net asset value at beginning of period	$	36.06		$	31.22		$	58.27		$	53.43
Net investment income (loss)(a)		(0.05	)		(0.01	)		(0.08	)		(0.19	)
Net realized and unrealized gain (loss)		14.35			4.85			(15.34	)		5.03
Total from investment operations		14.30			4.84			(15.42	)		4.84
Less distributions:
From net realized gain on investments		—			—			(11.63	)		—
Net asset value at end of period	$	50.36		$	36.06		$	31.22		$	58.27
Total investment return(b)		39.66	%		15.50	%		(32.46	)%		9.06	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.11	)%		(0.02	)%		(0.20	)%		(0.37	)%††
Net expenses(c)		0.72	%		0.73	%		0.72	%		0.71	%††
Expenses (before waiver/reimbursement)(c)		0.72	%		0.73	%		0.72	%		0.72	%††
Portfolio turnover rate		69	%		42	%		42	%		53	%
Net assets at end of period (in 000’s)	$	134,115		$	121,645		$	133,867		$	152,039


^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

229

Financial Highlights

NYLI WMC International Research Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	6.52		$	5.90		$	8.16		$	6.40		$	7.77
Net investment income (loss)(a)		0.13			0.11			0.12			0.09			0.06
Net realized and unrealized gain (loss)		1.41			0.62			(2.18	)		1.81			(0.70	)
Total from investment operations		1.54			0.73			(2.06	)		1.90			(0.64	)
Less distributions:
From net investment income		(0.13	)		(0.11	)		(0.20	)		(0.14	)		(0.73	)
Net asset value at end of year	$	7.93		$	6.52		$	5.90		$	8.16		$	6.40
Total investment return(b)		23.87	%		12.34	%		(25.89	)%		29.93	%		(9.21	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.70	%		1.60	%		1.67	%		1.09	%		0.89	%
Net expenses(c)		1.14	%		1.15	%		1.15	%(d)		1.31	%(d)		1.63	%(d)
Expenses (before waiver/reimbursement)(c)		1.21	%		1.21	%		1.19	%(d)		1.31	%(d)		1.63	%(d)
Portfolio turnover rate		101	%		85	%		65	%		117	%		136	%
Net assets at end of year (in 000’s)	$	10,192		$	9,866		$	10,371		$	15,492		$	12,373


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	The expense ratios presented below show the impact of short sales expense:

	Year Ended	Net Expenses (excluding short sale expenses)		Short Sales Expenses
	October 31, 2022	1.15	%	0.00	%(e)
	October 31, 2021	1.30	%	0.01	%
	October 31, 2020	1.60	%	0.03	%

(e)	Less than 0.01%.

230

Financial Highlights

NYLI WMC International Research Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	6.48		$	5.87		$	8.11		$	6.36		$	7.73
Net investment income (loss)(a)		0.10			0.08			0.09			0.05			0.04
Net realized and unrealized gain (loss)		1.39			0.62			(2.16	)		1.82			(0.70	)
Total from investment operations		1.49			0.70			(2.07	)		1.87			(0.66	)
Less distributions:
From net investment income		(0.10	)		(0.09	)		(0.17	)		(0.12	)		(0.71	)
Net asset value at end of year	$	7.87		$	6.48		$	5.87		$	8.11		$	6.36
Total investment return(b)		23.26	%		11.84	%		(26.07	)%		29.66	%		(9.47	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.30	%		1.23	%		1.35	%		0.64	%		0.66	%
Net expenses(c)		1.53	%		1.52	%		1.46	%(d)		1.63	%(d)		1.89	%(d)
Expenses (before waiver/reimbursement)(c)		1.63	%		1.59	%		1.50	%(d)		1.63	%(d)		1.89	%(d)
Portfolio turnover rate		101	%		85	%		65	%		117	%		136	%
Net assets at end of year (in 000's)	$	1,727		$	1,597		$	1,624		$	2,487		$	2,731


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	The expense ratios presented below show the impact of short sales expense:

	Year Ended	Net Expenses (excluding short sale expenses)		Short Sales Expenses
	October 31, 2022	1.46	%	0.00	%(e)
	October 31, 2021	1.62	%	0.01	%
	October 31, 2020	1.86	%	0.03	%

(e)	Less than 0.01%.

231

Financial Highlights

NYLI WMC International Research Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	6.32		$	5.70		$	7.87		$	6.16		$	7.49
Net investment income (loss)(a)		0.04			0.03			0.04			0.00‡			(0.01	)
Net realized and unrealized gain (loss)		1.37			0.60			(2.11	)		1.76			(0.68	)
Total from investment operations		1.41			0.63			(2.07	)		1.76			(0.69	)
Less distributions:
From net investment income		(0.02	)		(0.01	)		(0.10	)		(0.05	)		(0.64	)
Net asset value at end of year	$	7.71		$	6.32		$	5.70		$	7.87		$	6.16
Total investment return(b)		22.31	%		11.10	%		(26.65	)%		28.66	%		(10.16	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.54	%		0.49	%		0.56	%		0.01	%		(0.22	)%
Net expenses(c)		2.28	%		2.27	%		2.21	%(d)		2.38	%(d)		2.64	%(d)
Expenses (before waiver/reimbursement)(c)		2.38	%		2.34	%		2.25	%(d)		2.38	%(d)		2.64	%(d)
Portfolio turnover rate		101	%		85	%		65	%		117	%		136	%
Net assets at end of year (in 000’s)	$	731		$	1,325		$	2,458		$	5,340		$	6,229


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	The expense ratios presented below show the impact of short sales expense:

	Year Ended	Net Expenses (excluding short sale expenses	)	Short Sales Expenses
	October 31, 2022	2.21	%	0.00	%(e)
	October 31, 2021	2.37	%	0.01	%
	October 31, 2020	2.61	%	0.03	%

(e)	Less than 0.01%.

232

Financial Highlights

NYLI WMC International Research Equity Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	6.57		$	5.95		$	8.22		$	6.45		$	7.83
Net investment income (loss)(a)		0.15			0.13			0.14			0.10			0.08
Net realized and unrealized gain (loss)		1.42			0.62			(2.19	)		1.83			(0.71	)
Total from investment operations		1.57			0.75			(2.05	)		1.93			(0.63	)
Less distributions:
From net investment income		(0.15	)		(0.13	)		(0.22	)		(0.16	)		(0.75	)
Net asset value at end of year	$	7.99		$	6.57		$	5.95		$	8.22		$	6.45
Total investment return(b)		24.21	%		12.58	%		(25.61	)%		30.21	%		(8.98	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		2.00	%		1.87	%		1.95	%		1.26	%		1.19	%
Net expenses(c)		0.86	%		0.86	%		0.86	%(d)		1.06	%(d)		1.38	%(d)
Expenses (before waiver/reimbursement)(c)		0.96	%		0.96	%		0.94	%(d)		1.08	%(d)		1.38	%(d)
Portfolio turnover rate		101	%		85	%		65	%		117	%		136	%
Net assets at end of year (in 000’s)	$	191,311		$	133,527		$	147,559		$	207,352		$	230,100


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	The expense ratios presented below show the impact of short sales expense:

	Year Ended	Net Expenses (excluding short sale expenses)		Short Sales Expenses
	October 31, 2022	0.86	%	0.00	%(e)
	October 31, 2021	1.05	%	0.01	%
	October 31, 2020	1.35	%	0.03	%

(e)	Less than 0.01%.

233

Financial Highlights

NYLI WMC Small Companies Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	17.82		$	21.32		$	32.63		$	22.62		$	24.59
Net investment income (loss)(a)		0.04			0.02			0.39			(0.10	)		(0.07	)
Net realized and unrealized gain (loss)		6.38			(3.09	)		(3.93	)		10.11			(1.83	)
Total from investment operations		6.42			(3.07	)		(3.54	)		10.01			(1.90	)
Less distributions:
From net investment income		(0.03	)		(0.43	)		—			—			(0.05	)
From net realized gain on investments		—			—			(7.77	)		—			—
Return of capital		—			—			—			—			(0.02	)
Total distributions		(0.03	)		(0.43	)		(7.77	)		—			(0.07	)
Net asset value at end of year	$	24.21		$	17.82		$	21.32		$	32.63		$	22.62
Total investment return(b)		36.07	%		(14.66	)%		(13.90	)%		44.25	%		(7.76	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.17	%		0.09	%		1.69	%		(0.32	)%		(0.30	)%
Net expenses(c)		1.21	%		1.22	%		1.23	%		1.21	%		1.25	%
Expenses (before waiver/reimbursement)		1.21	%(c)		1.22	%(c)		1.23	%(c)		1.22	%(c)		1.25	%
Portfolio turnover rate		96	%		86	%		75	%		108	%		208	%
Net assets at end of year (in 000’s)	$	125,698		$	103,460		$	135,890		$	178,454		$	115,403


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	17.20		$	20.60		$	31.86		$	22.14		$	24.07
Net investment income (loss)(a)		(0.02	)		(0.03	)		0.32			(0.17	)		(0.13	)
Net realized and unrealized gain (loss)		6.16			(2.99	)		(3.81	)		9.89			(1.80	)
Total from investment operations		6.14			(3.02	)		(3.49	)		9.72			(1.93	)
Less distributions:
From net investment income		—			(0.38	)		—			—			(0.00	)‡
From net realized gain on investments		—			—			(7.77	)		—			—
Return of capital		—			—			—			—			(0.00	)‡
Total distributions		—			(0.38	)		(7.77	)		—			(0.00	)‡
Net asset value at end of year	$	23.34		$	17.20		$	20.60		$	31.86		$	22.14
Total investment return(b)		35.70	%		(14.92	)%		(14.13	)%		43.90	%		(8.02	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.10	)%		(0.18	)%		1.43	%		(0.57	)%		(0.57	)%
Net expenses(c)		1.48	%		1.49	%		1.50	%		1.49	%		1.52	%
Expenses (before waiver/reimbursement)(c)		1.66	%		1.70	%		1.58	%		1.66	%		1.70	%
Portfolio turnover rate		96	%		86	%		75	%		108	%		208	%
Net assets at end of year (in 000's)	$	33,885		$	28,292		$	35,985		$	45,382		$	41,547


‡	Less than one cent per share.
(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

234

Financial Highlights

NYLI WMC Small Companies Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	13.71		$	16.46		$	27.19		$	19.03		$	20.84
Net investment income (loss)(a)		(0.14	)		(0.15	)		0.15			(0.34	)		(0.25	)
Net realized and unrealized gain (loss)		4.90			(2.38	)		(3.11	)		8.50			(1.56	)
Total from investment operations		4.76			(2.53	)		(2.96	)		8.16			(1.81	)
Less distributions:
From net investment income		—			(0.22	)		—			—			—
From net realized gain on investments		—			—			(7.77	)		—			—
Total distributions		—			(0.22	)		(7.77	)		—			—
Net asset value at end of year	$	18.47		$	13.71		$	16.46		$	27.19		$	19.03
Total investment return(b)		34.72	%		(15.54	)%		(14.74	)%		42.88	%(c)		(8.69	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		(0.83	)%		(0.92	)%		0.83	%		(1.32	)%		(1.30	)%
Net expenses(d)		2.23	%		2.24	%		2.24	%		2.24	%		2.27	%
Expenses (before waiver/reimbursement)(d)		2.41	%		2.46	%		2.33	%		2.41	%		2.45	%
Portfolio turnover rate		96	%		86	%		75	%		108	%		208	%
Net assets at end of year (in 000’s)	$	1,211		$	1,280		$	2,415		$	4,129		$	3,201


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	Total investment return may reflect adjustments to conform to generally accepted accounting principles.
(d)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

235

Financial Highlights

NYLI WMC Small Companies Fund

(a series of New York Life Investments Funds Trust)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.76		$	22.43		$	33.85		$	23.40		$	25.44
Net investment income (loss)(a)		0.10			0.07			0.45			(0.02	)		(0.01	)
Net realized and unrealized gain (loss)		6.71			(3.25	)		(4.10	)		10.47			(1.90	)
Total from investment operations		6.81			(3.18	)		(3.65	)		10.45			(1.91	)
Less distributions:
From net investment income		(0.08	)		(0.49	)		—			—			(0.09	)
From net realized gain on investments		—			—			(7.77	)		—			—
Return of capital		—			—			—			—			(0.04	)
Total distributions		(0.08	)		(0.49	)		(7.77	)		—			(0.13	)
Net asset value at end of year	$	25.49		$	18.76		$	22.43		$	33.85		$	23.40
Total investment return(b)		36.38	%		(14.42	)%		(13.71	)%		44.66	%		(7.55	)%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.40	%		0.34	%		1.85	%		(0.05	)%		(0.06	)%
Net expenses(c)		0.96	%		0.97	%		0.98	%		0.96	%		1.00	%
Expenses (before waiver/reimbursement)		0.96	%(c)		0.97	%(c)		0.98	%(c)		0.97	%(c)		1.00	%
Portfolio turnover rate		96	%		86	%		75	%		108	%		208	%
Net assets at end of year (in 000’s)	$	138,559		$	92,498		$	151,035		$	169,281		$	127,115


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

236

Financial Highlights

NYLI WMC Value Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class A	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	25.98		$	28.11		$	55.21		$	39.49		$	42.24
Net investment income (loss)(a)		0.39			0.39			0.36			0.30			0.21
Net realized and unrealized gain (loss)		6.18			(0.94	)		(1.68	)		17.09			0.55
Total from investment operations		6.57			(0.55	)		(1.32	)		17.39			0.76
Less distributions:
From net investment income		(0.40	)		(0.42	)		(0.38	)		(0.25	)		(0.31	)
From net realized gain on investments		(0.87	)		(1.16	)		(25.40	)		(1.42	)		(3.20	)
Total distributions		(1.27	)		(1.58	)		(25.78	)		(1.67	)		(3.51	)
Net asset value at end of year	$	31.28		$	25.98		$	28.11		$	55.21		$	39.49
Total investment return(b)		26.13	%		(2.17	)%		(2.68	)%		45.14	%		1.66	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.36	%		1.42	%		1.21	%		0.60	%		0.55	%
Net expenses(c)		1.02	%		1.03	%(d)		1.02	%(d)		1.06	%		1.10	%(e)
Portfolio turnover rate		36	%		29	%		37	%		23	%		16	%
Net assets at end of year (in 000’s)	$	556,206		$	485,177		$	522,937		$	547,299		$	389,530


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Expense waiver/reimbursement less than 0.01%.
(e)	Net of interest expense which is less than one-tenth of a percent.


	Year Ended October 31,
Investor Class	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	25.96		$	28.09		$	55.08		$	39.40		$	42.17
Net investment income (loss)(a)		0.33			0.31			0.29			0.14			0.10
Net realized and unrealized gain (loss)		6.18			(0.93	)		(1.69	)		17.09			0.53
Total from investment operations		6.51			(0.62	)		(1.40	)		17.23			0.63
Less distributions:
From net investment income		(0.33	)		(0.35	)		(0.19	)		(0.13	)		(0.20	)
From net realized gain on investments		(0.87	)		(1.16	)		(25.40	)		(1.42	)		(3.20	)
Total distributions		(1.20	)		(1.51	)		(25.59	)		(1.55	)		(3.40	)
Net asset value at end of year	$	31.27		$	25.96		$	28.09		$	55.08		$	39.40
Total investment return(b)		25.82	%		(2.43	)%		(2.91	)%		44.73	%		1.35	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.14	%		1.16	%		0.97	%		0.28	%		0.25	%
Net expenses(c)		1.27	%		1.30	%		1.26	%		1.36	%		1.40	%(d)
Expenses (before waiver/reimbursement)(c)		1.27	%		1.30	%(e)		1.26	%(e)		1.36	%		1.41	%
Portfolio turnover rate		36	%		29	%		37	%		23	%		16	%
Net assets at end of year (in 000's)	$	49,032		$	50,024		$	56,061		$	66,193		$	69,423


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense which is less than one-tenth of a percent.
(e)	Expense waiver/reimbursement less than 0.01%.

237

Financial Highlights

NYLI WMC Value Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class C	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	18.31		$	20.30		$	47.04		$	33.98		$	36.88
Net investment income (loss)(a)		0.07			0.08			0.05			(0.21	)		(0.16	)
Net realized and unrealized gain (loss)		4.31			(0.66	)		(1.39	)		14.69			0.46
Total from investment operations		4.38			(0.58	)		(1.34	)		14.48			0.30
Less distributions:
From net investment income		(0.24	)		(0.25	)		—			—			—
From net realized gain on investments		(0.87	)		(1.16	)		(25.40	)		(1.42	)		(3.20	)
Total distributions		(1.11	)		(1.41	)		(25.40	)		(1.42	)		(3.20	)
Net asset value at end of year	$	21.58		$	18.31		$	20.30		$	47.04		$	33.98
Total investment return(b)		24.93	%		(3.18	)%		(3.66	)%		43.65	%		0.60	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		0.34	%		0.41	%		0.22	%		(0.50	)%		(0.48	)%
Net expenses(c)		2.02	%		2.05	%		2.00	%		2.11	%		2.15	%(d)
Expenses (before waiver/reimbursement)(c)		2.02	%		2.05	%(e)		2.01	%		2.11	%		2.16	%
Portfolio turnover rate		36	%		29	%		37	%		23	%		16	%
Net assets at end of year (in 000’s)	$	20,290		$	14,603		$	14,564		$	11,119		$	14,315


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense which is less than one-tenth of a percent.
(e)	Expense waiver/reimbursement less than 0.01%.

238

Financial Highlights

NYLI WMC Value Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,
Class I	2024			2023			2022			2021			2020
Net asset value at beginning of year	$	28.06		$	30.24		$	57.43		$	40.99		$	43.71
Net investment income (loss)(a)		0.53			0.51			0.48			0.30			0.32
Net realized and unrealized gain (loss)		6.69			(1.02	)		(1.76	)		17.91			0.57
Total from investment operations		7.22			(0.51	)		(1.28	)		18.21			0.89
Less distributions:
From net investment income		(0.49	)		(0.51	)		(0.51	)		(0.35	)		(0.41	)
From net realized gain on investments		(0.87	)		(1.16	)		(25.40	)		(1.42	)		(3.20	)
Total distributions		(1.36	)		(1.67	)		(25.91	)		(1.77	)		(3.61	)
Net asset value at end of year	$	33.92		$	28.06		$	30.24		$	57.43		$	40.99
Total investment return(b)		26.60	%		(1.88	)%		(2.37	)%		45.57	%		1.92	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.70	%		1.76	%		1.51	%		0.61	%		0.81	%
Net expenses(c)		0.70	%		0.70	%		0.70	%		0.82	%		0.85	%(d)
Expenses (before waiver/reimbursement)(c)		0.77	%		0.79	%		0.77	%		0.83	%		0.85	%
Portfolio turnover rate		36	%		29	%		37	%		23	%		16	%
Net assets at end of year (in 000’s)	$	136,450		$	141,185		$	137,117		$	102,714		$	417,329


(a)	Per share data based on average shares outstanding during the year.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class I shares are not subject to sales charges.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.
(d)	Net of interest expense which is less than one-tenth of a percent.

239

Financial Highlights

NYLI WMC Value Fund

(a series of New York Life Investments Funds)

(Selected per share data and ratios)


	Year Ended October 31,									April 26, 2021^ through October 31,
Class R6	2024			2023			2022			2021
Net asset value at beginning of period	$	28.02		$	30.20		$	57.42			53.83**
Net investment income (loss)(a)		0.53			0.52			0.49			0.65
Net realized and unrealized gain (loss)		6.68			(1.03	)		(1.77	)		2.94
Total from investment operations		7.21			(0.51	)		(1.28	)		3.59
Less distributions:
From net investment income		(0.49	)		(0.51	)		(0.54	)		—
From net realized gain on investments		(0.87	)		(1.16	)		(25.40	)		—
Total distributions		(1.36	)		(1.67	)		(25.94	)		—
Net asset value at end of period	$	33.87		$	28.02		$	30.20		$	57.42
Total investment return(b)		26.57	%		(1.88	)%		(2.37	)%		6.67	%
Ratios (to average net assets)/Supplemental Data:
Net investment income (loss)		1.68	%		1.77	%		1.52	%		1.25	%††
Net expenses(c)		0.70	%		0.70	%		0.70	%		0.72	%††
Expenses (before waiver/reimbursement)(c)		0.70	%		0.71	%		0.71	%		0.72	%††
Portfolio turnover rate		36	%		29	%		37	%		23	%
Net assets at end of period (in 000’s)	$	255,987		$	198,461		$	272,274		$	356,580


**	Based on the net asset value of Class I as of April 26, 2021.
^	Inception date.
††	Annualized.
(a)	Per share data based on average shares outstanding during the period.
(b)	Total investment return is calculated exclusive of sales charges and assumes the reinvestment of dividends and distributions. Class R6 shares are not subject to sales charges. For periods of less than one year, total return is not annualized.
(c)	In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.

240

Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts

This Appendix A discloses intermediary-specific sales charge waivers and discounts, if any. Please see the “Information on Sales Charges” section of the Prospectus for information about sales charge waivers and discounts available if you invest directly with a New York Life Investments Fund or intermediaries not identified on this Appendix A. The terms or availability of waivers or discounts may be changed at any time.

The availability of initial and contingent deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund shares. Financial intermediaries specified on Appendix A may have different policies and procedures regarding, among other things, the availability of these waivers and discounts. To qualify for waivers or discounts not available through a particular financial intermediary, investors will have to purchase shares directly from the Funds (or the Distributor) or through another financial intermediary that makes available such waivers or discounts.

Purchases through any financial intermediary identified below are subject to sales charge waivers and/or discounts that are different from the sales charge waivers and/or discounts available for shares purchased directly from the Funds (or the Distributor). Financial intermediary-specific sales charge waivers and/or discounts are implemented and administered by each financial intermediary. This Appendix will be updated when required with changes to this Appendix or to add additional intermediaries.

In all instances, it is an investor’s responsibility to notify the financial intermediary of any facts that may qualify the investor for sales charge waivers or discounts. You may wish to contact your financial intermediary to ensure that you have the most current information regarding the sales charge waivers and discounts available to you and the steps you must take to qualify for available waivers and discounts.

Ameriprise Financial

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Front-end sales charge reductions on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge reductions, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders can reduce their initial sales charge on the purchase of Class A shares as follows:

· Transaction size breakpoints, as described in this prospectus or the SAI.

· Rights of accumulation (ROA), as described in this prospectus or the SAI.

· Letter of intent, as described in this prospectus or the SAI.

Front-end sales charge waivers on Class A shares purchased through Ameriprise Financial

Shareholders purchasing Class A shares of the fund through an Ameriprise Financial platform or account are eligible only for the following sales charge waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI. Such shareholders may purchase Class A shares at NAV without payment of a sales charge as follows:

• shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer- sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

• shares purchased through reinvestment of capital gains and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the NY Life Investments Funds).

• shares exchanged from Class C shares of the same fund in the month of or following the seven-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

• shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

• shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise Financial advisor and/or the advisor's spouse, advisor's lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor's lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

241

• shares purchased from the proceeds of redemptions within the NY Life Investments Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

CDSC waivers on Class A and C shares purchased through Ameriprise Financial

Fund shares purchased through an Ameriprise Financial platform or account are eligible only for the following CDSC waivers, which may differ from those disclosed elsewhere in this prospectus or the SAI:

· redemptions due to death or disability of the shareholder

· shares sold as part of a systematic withdrawal plan as described in this prospectus or the SAI

· redemptions made in connection with a return of excess contributions from an IRA account

· shares purchased through a Right of Reinstatement (as defined above)

· redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

Edward Jones

Effective August 28, 2024, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as "shareholders") purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as "breakpoints") and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information ("SAI") or through another broker-dealer. In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of New York Life Investments Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

· Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

Rights of Accumulation ("ROA")

· The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of New York Life Investments Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

· The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

· ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

Letter of Intent ("LOI")

· Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

· If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

· Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

· Shares purchased in an Edward Jones fee-based program.

242

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

· Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made from a share class that charges a front load and one of the following ("Right of Reinstatement"):

o The redemption and repurchase occur in the same account.

o The redemption proceeds are used to process an: IRA contribution, excess contributions, conversion, recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same Edward Jones grouping for ROA.

The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund products.

· Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

· Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84^th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

· Purchases of Class 529-A shares through a rollover from either another education savings plan or a security used for qualified distributions.

· Purchases of Class 529-A shares made for recontribution of refunded amounts.

Contingent Deferred Sales Charge ("CDSC") Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

· The death or disability of the shareholder.

· Systematic withdrawals with up to 10% per year of the account value.

· Return of excess contributions from an Individual Retirement Account (IRA).

· Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

· Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

· Shares exchanged in an Edward Jones fee-based program.

· Shares acquired through NAV reinstatement.

· Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

· Initial purchase minimum: $250

· Subsequent purchase minimum: none

Minimum Balances

· Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less.

The following are examples of accounts that are not included in this policy:

o A fee-based account held on an Edward Jones platform

o A 529 account held on an Edward Jones platform

o An account with an active systematic investment plan or LOI

Exchanging Share Classes

· At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

E*TRADE

Front-End Sales Charge Waiver

243

Shareholders purchasing Fund shares through an E*TRADE brokerage account will be eligible for a waiver of the front-end sales charge with respect to Class A shares (or the equivalent). This includes shares purchased through the reinvestment of dividends and capital gains distributions.

J.P. MORGAN SECURITIES LLC

Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information.

Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC

· Shares exchanged from Class C (i.e., level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC’s share class exchange policy.

· Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

· Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

· Shares purchased through rights of reinstatement.

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

· Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

Class C to Class A share conversion

· A shareholder in the fund’s Class C shares will have their shares converted by J.P. Morgan Securities LLC to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.

CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC

· Shares sold upon the death or disability of the shareholder.

· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.

· Shares purchased in connection with a return of excess contributions from an IRA account.

· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

· Shares acquired through a right of reinstatement.

Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent

· Breakpoints as described in the prospectus.

· Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

· Letters of Intent which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

Janney Montgomery Scott LLC

Shareholders purchasing New York Life Investments Fund shares through a Janney Montgomery Scott LLC (“Janney”) account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or SAI.

Front-end sales charge waivers on Class A shares available at Janney

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the New York Life Investments Funds family).

244

· Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.

· Shares purchased from the proceeds of redemptions within the New York Life Investments Funds family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).

· Class C shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares of the same New York Life Investments Fund pursuant to Janney’s policies and procedures.

Sales charge waivers on Class A and C shares available at Janney

· Shares sold upon the death or disability of the shareholder.

· Shares sold as part of a systematic withdrawal plan as described in the New York Life Investments Fund’s Prospectus.

· Shares purchased in connection with a return of excess contributions from an IRA account.

· Shares sold as part of a required minimum distribution for IRA and other retirement accounts pursuant to the Internal Revenue Code.

· Shares sold to pay Janney fees but only if the transaction is initiated by Janney.

· Shares acquired through a right of reinstatement.

Front-end load discounts available at Janney: breakpoints, and/or rights of accumulation

· Breakpoints as described in the New York Life Investments Fund’s Prospectus.

· Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of New York Life Investments Funds family assets held by accounts within the purchaser’s household at Janney. Eligible New York Life Investments Funds family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

LPL Financial

Shareholders purchasing Class A shares of a Fund through LPL Financial’s mutual fund only platform will be able to purchase shares without imposition of a front-end sales charge, which may differ from the waiver eligibility requirements otherwise disclosed in the Prospectus or SAI.

Merrill Lynch

Purchases or sales of front-end (i.e. Class A) or level-load (i.e., Class C) mutual fund shares through a Merrill platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for waivers or discounts not listed below.

It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.

Additional information on waivers and discounts is available in the Merrill Sales Load Waiver and Discounts Supplement (the “Merrill SLWD Supplement") and in the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine whether a transaction is eligible for a waiver or discount.

Front-end Load Waivers Available at Merrill

Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

Shares purchased through a Merrill investment advisory program

Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account

Shares purchased through the Merrill Edge Self-Directed platform

Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account

245

Front-end Load Waivers Available at Merrill

Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the description in the Merrill SLWD Supplement

Shares exchanged from back-end load (i.e. Class B) shares to front-end load shares of the same mutual fund¹

Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)

Shares purchased by eligible persons associated with the fund as defined in this prospectus (e.g. the fund’s officers or trustees)

Shares purchased from the proceeds of a mutual fund redemption in front-end or back-end load shares provided (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement

1. On or around April 15, 2024, Merrill will exchange all back-end load shares held in Merrill accounts to front-end load shares of the same mutual fund.

Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares Available at Merrill

Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22(e)(3))

Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits as described in the Merrill SLWD Supplement

Shares sold due to return of excess contributions from an IRA account

Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching the qualified age based on applicable IRS regulation

Shares exchanged from back-end load shares to front-end load shares of the same mutual fund¹

Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based accounts or platforms and exchanged for a lower cost share class of the same mutual fund

Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement

Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household

Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement

Morgan Stanley Wealth Management

Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund’s Prospectus or SAI.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

· Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans

· Morgan Stanley employee and employee-related accounts according to Morgan Stanley's account linking rules

246

· Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund

· Shares purchased through a Morgan Stanley self-directed brokerage account

· Morgan Stanley, on your behalf, can also convert Class A shares to Class A2 shares of the same fund, without a sales charge and on a tax free basis, if they are held in a brokerage account.

· Class C (i.e., level-load) and Class C2 shares, as applicable, that are no longer subject to a contingent deferred sales charge and are converted to Class A shares (or equivalent) of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program.

· Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Oppenheimer & Co. Inc.

Shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares and Investor Class Shares available at OPCO

· Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan

· Shares purchased by or through a 529 Plan

· Shares purchased through an OPCO-affiliated investment advisory program

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)

· Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

· A shareholder in the Fund's Class C shares that are converted by OPCO at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of OPCO

· Employees and registered representatives of OPCO or its affiliates and their family members

· Trustees of the Fund and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus

CDSC Waivers on Class A, B and C Shares and Investor Class Shares available at OPCO

· Death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

· Return of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the prospectus

· Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO

· Shares acquired through a right of reinstatement

Front-end load Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of Intent

· Breakpoints as described in this prospectus.

· Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at OPCO. Eligible fund family assets not held at OPCO may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.

Raymond James

Raymond James & Associates, Inc., Raymond James Financial Services Inc. and each entity’s affiliates (“Raymond James”)

247

Shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Prospectus or SAI.

Front-end sales load waivers on Class A shares available at Raymond James

· Shares purchased in an investment advisory program.

· Shares purchased within the New York Life Investments Funds through a systematic reinvestment of capital gains and dividend distributions.

· Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

· Shares purchased from the proceeds of redemptions within the New York Life Investments Funds, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).

· A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A, B and C shares available at Raymond James

· Death or disability of the shareholder.

· Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.

· Return of excess contributions from an IRA Account.

· Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 70½ as described in the fund’s prospectus.

· Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.

· Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints, and/or rights of accumulation, and/or letters of intent

· Breakpoints as described in this prospectus.

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of New York Life Investments Fund assets held by accounts within the purchaser’s household at Raymond James. Eligible New York Life Investments Fund assets not held at Raymond James may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets.

· Letters of intent which allow for breakpoint discounts based on anticipated purchases within the New York Life Investments Funds over a 13-month time period. Eligible New York Life Investments Fund assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

Robert W. Baird & Co.

Shareholders purchasing Fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.

Front-End Sales Charge Waivers on Investor Class and Class A shares Available at Baird

· Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund

· Shares purchased by employees and registered representatives of Baird or its affiliate and their family members as designated by Baird

· Shares purchased from the proceeds of redemptions from another New York Life Investments Fund, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement)

· A shareholder in a Fund’s Class C Shares will have their shares converted at net asset value to Class A shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Baird

· Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs

248

CDSC Waivers on Investor Class, Class A and Class C shares Available at Baird

· Shares sold due to death or disability of the shareholder

· Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus

· Shares bought due to returns of excess contributions from an IRA Account

· Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

· Shares sold to pay Baird fees but only if the transaction is initiated by Baird

· Shares acquired through a right of reinstatement

Front-End Sales Charge Discounts Available at Baird: Breakpoints, Rights of Accumulations, and/or Letters of Intent

· Breakpoints as described in this prospectus

· Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of assets in the New York Life Investments Group of Funds held by accounts within the purchaser’s household at Baird. Eligible New York Life Investments Fund assets not held at Baird may be included in the rights of accumulation calculation only if the shareholder notifies his or her financial advisor about such assets

· Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases of New York Life Investments Funds through Baird, over a 13-month period of time

Stifel, Nicolaus & Company, Incorporated

Shareholders purchasing Fund shares through a Stifel, Nicolaus & Company, Incorporated (“Stifel”) platform or account or who own shares for which Stifel or an affiliate is the broker-dealer of record are eligible for the following additional sales charge waiver.

Front-end Sales Load Waiver on Class A Shares

· Class C shares that have been held for more than seven (7) years will be converted to Class A shares of the same Fund pursuant to Stifel’s policies and procedures

All other sales charge waivers and reductions described elsewhere in the Fund’s Prospectus or SAI still apply.

249

[This page intentionally left blank]

No dealer, sales representative or any other person is authorized to give any information or to make any representations other than those contained in this Prospectus and in the Statement of Additional Information, in connection with the offer contained in this Prospectus, and, if given or made, such other information or representations must not be relied upon as having been authorized by the Funds or the Distributor. This Prospectus and the Statement of Additional Information do not constitute an offer by the Funds or by the Distributor to sell or a solicitation of any offer to buy any of the securities offered hereby in any jurisdiction or to any person to whom it is unlawful to make such offer in such jurisdiction.

HOUSEHOLD MAILINGS AND E-DELIVERY

Each year you are automatically sent an updated Summary Prospectus and Annual and Semiannual Reports (or notice of such reports) for the Funds. You may also occasionally receive proxy statements for the Funds. In order to reduce the volume of mail you receive, when possible, only one copy of these documents may be sent to shareholders who are part of the same family and share the same household address. You may elect to receive these documents electronically in lieu of paper form by enrolling in e-delivery on our website, newyorklifeinvestments.com/accounts. If you would like to opt out of household-based mailings, please call toll free 800-624-6782.

STATEMENT OF ADDITIONAL INFORMATION (“SAI”)

Provides more details about the Funds. The current SAI is incorporated by reference into the Prospectus and has been filed with the SEC.

ANNUAL/SEMIANNUAL REPORTS AND FORM N-CSR

Provide additional information about the Funds' investments and include discussions of market conditions and investment strategies that significantly affected the Funds' performance during the last fiscal year or period, if applicable, in the annual and semiannual reports and in Form N-CSR. In the Fund's Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

TO OBTAIN INFORMATION

More information about the Funds, including the SAI, the Annual/Semiannual Reports and other information such as the Fund's financial statements, when available, may be obtained without charge, upon request. To obtain information, or for shareholder inquiries, call toll-free 800-624-6782, visit dfinview.com/NYLIM, or write to NYLIFE Distributors LLC, Attn: New York Life Investments Marketing Dept., 30 Hudson Street, Jersey City, New Jersey 07302.

Other information about the Funds (including the Statement of Additional Information) is available on the EDGAR Database on the SEC's internet site at http://www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

NYLIFE Distributors LLC
30 Hudson Street
Jersey City, NJ 07302

NYLIFE Distributors LLC is the principal underwriter and distributor of the New York Life Investments Funds.

“New York Life Investments” is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company.

SEC File Number: 811-22321 (New York Life Investments Funds Trust)
SEC File Number: 811-04550 (New York Life Investments Funds)

For more information call 800-624-6782 or visit our website at newyorklifeinvestments.com.

MS01e-02/25


Prospectus for New York Life Investments Fixed Income and Mixed Asset Funds
	February 28, 2025


	Class A	Class A2	Investor Class	Class C	Class C2	Class I	Class R2	Class R3	Class R6	SIMPLE Class	Class Z
Taxable
NYLI Candriam Emerging Markets Debt Fund	MGHAX	-	MGHHX	MHYCX	-	MGHIX	-	-	-	-	-
NYLI Floating Rate Fund	MXFAX	-	MXFNX	MXFCX	-	MXFIX	-	-	MXFEX	MXFMX	-
NYLI MacKay High Yield Corporate Bond Fund	MHCAX	-	MHHIX	MYHCX	-	MHYIX	MHYRX	MHYTX	MHYSX	MHHSX	-
NYLI MacKay Short Duration High Income Fund	MDHAX	-	MDHVX	MDHCX	-	MDHIX	-	-	-	-	-
NYLI MacKay Strategic Bond Fund	MASAX	-	MSYDX	MSICX	-	MSDIX	-	-	MSYEX	-	-
NYLI MacKay Total Return Bond Fund	MTMAX	-	MTMNX	MTMCX	-	MTMIX	-	-	MTRDX	MTMSX	-
NYLI MacKay U.S. Infrastructure Bond Fund	MGVAX	-	MGVNX	MGVCX	-	MGOIX	-	-	MGVDX	-	-
NYLI Short Term Bond Fund	MIXAX	-	MIXNX	-	-	MIXIX	-	-	-	MIXMX	-
Tax-Exempt
NYLI MacKay Arizona Muni Fund	AZTAX	-	-	AZTCX	-	AZTYX	-	-	-	-	AZTFX
NYLI MacKay California Muni Fund	MSCAX	-	MSCVX	MSCCX	MCAMX	MCOIX	-	-	MSODX	-	-
NYLI MacKay Colorado Muni Fund	COTAX	-	-	COTCX	-	COTYX	-	-	-	-	COTFX
NYLI MacKay High Yield Muni Bond Fund	MMHAX	-	MMHVX	MMHDX	-	MMHIX	-	-	MMHEX	-	-
NYLI MacKay New York Muni Fund	MNOAX	-	MNOVX	MNOCX	MNOLX	MNOIX	-	-	MNODX	-	-
NYLI MacKay Oregon Muni Fund	ORTBX	-	-	ORTCX	-	ORTYX	-	-	-	-	ORTFX
NYLI MacKay Short Term Muni Fund	MSTAX	MSTUX	MYTBX	-	-	MSTIX	-	-	MSTEX	-	-
NYLI MacKay Strategic Muni Allocation Fund	MTFDX	-	MTFEX	MTFFX	MTFMX	MTFGX	-	-	MTFHX	-	MTFZX
NYLI MacKay Tax Free Bond Fund	MTBAX	-	MKINX	MTFCX	MTSPX	MTBIX	-	-	MTBDX	-	-
NYLI MacKay Utah Muni Fund	UTAVX	-	-	UTACX	-	UTAYX	-	-	-	-	UTAHX
Money Market
NYLI Money Market Fund	MMAXX	-	MKTXX	MSCXX	-	-	-	-	-	MIPXX	-
Mixed Asset
NYLI Balanced Fund	MBNAX	-	MBINX	MBACX	-	MBAIX	-	-	MBERX	-	-
NYLI Income Builder Fund	MTRAX	-	MTINX	MCTRX	-	MTOIX	-	-	MTODX	MTISX	-
NYLI MacKay Convertible Fund	MCOAX	-	MCINX	MCCVX	-	MCNVX	-	-	-	-	-

Table of Contents

Taxable


NYLI Candriam Emerging Markets Debt Fund	4
NYLI Floating Rate Fund	11
NYLI MacKay High Yield Corporate Bond Fund	17
NYLI MacKay Short Duration High Income Fund	24
NYLI MacKay Strategic Bond Fund	31
NYLI MacKay Total Return Bond Fund	39
NYLI MacKay U.S. Infrastructure Bond Fund	46
NYLI Short Term Bond Fund	53

Tax-Exempt


NYLI MacKay Arizona Muni Fund	59
NYLI MacKay California Muni Fund	66
NYLI MacKay Colorado Muni Fund	73
NYLI MacKay High Yield Muni Bond Fund	80
NYLI MacKay New York Muni Fund	87
NYLI MacKay Oregon Muni Fund	94
NYLI MacKay Short Term Muni Fund	101
NYLI MacKay Strategic Muni Allocation Fund	108
NYLI MacKay Tax Free Bond Fund	115
NYLI MacKay Utah Muni Fund	122

Money Market


NYLI Money Market Fund	130

Mixed Asset


NYLI Balanced Fund	135
NYLI Income Builder Fund	143
NYLI MacKay Convertible Fund	151
More About Investment Strategies and Risks	157
Shareholder Guide	187
Know With Whom You Are Investing	230
Financial Highlights	243
Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts	313
Appendix B – Taxable Equivalent Yield Table	322

NYLI Candriam Emerging Markets Debt Fund

Investment Objective

The Fund seeks total return.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.50	%	4.00	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.70	%	0.70	%	0.70	%	0.70	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None
	Other Expenses	0.45	%	0.92	%	0.92	%	0.45	%
	Total Annual Fund Operating Expenses	1.40	%	1.87	%	2.62	%	1.15	%
	Waivers / Reimbursements^3,4	(0.25	)%	(0.27	)%	(0.27	)%	(0.30	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^3,4	1.15	%	1.60	%	2.35	%	0.85	%

2. The management fee is as follows: 0.70% on assets up to $500 million and 0.65% on assets over $500 million.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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) do not exceed the following percentages of its average daily net assets: Class A, 1.15%; and Class I, 0.85%. New York Life Investments 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 562	$ 556	$ 238	$ 338	$ 87
3 Years	$ 850	$ 939	$ 789	$ 789	$ 336
5 Years	$ 1,159	$ 1,346	$ 1,366	$ 1,366	$ 604
10 Years	$ 2,033	$ 2,482	$ 2,752	$ 2,752	$ 1,371

NYLI Candriam Emerging Markets Debt Fund

Portfolio Turnover

Principal Investment Strategies

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. 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.

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.

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.

Investment Process: 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.

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.

The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objective of the Fund.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI Candriam Emerging Markets Debt Fund

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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

Debt Securities Risk: 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.

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. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. 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. Low interest rates (or negative interest rates) may magnify the risks associated with rising interest rates. 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, political, public health, and other crises and responses by governments and companies to such crises.

NYLI Candriam Emerging Markets Debt Fund

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 wars, 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.

Sovereign Debt Risk: 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.

High-Yield Securities Risk: 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.

Floating Rate Notes and Variable Rate Notes Risk: 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”).

NYLI Candriam Emerging Markets Debt Fund

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 interest rate environment.

Currency Risk: 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. The Subadvisor may from time to time attempt to hedge all or a portion of the perceived currency risk by engaging in similar hedging transactions. 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.

Money Market/Short-Term Securities Risk: 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.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective February 28, 2017, the Fund's principal investment strategies changed. Effective June 21, 2019, the Fund's subadvisor, investment objective and principal investment strategies changed. The performance in the bar chart and table prior to those dates reflects the Fund’s prior subadvisor, investment objective and principal investment strategies.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-2.02,2016:14.92,2017:11.59,2018:-6.54,2019:15.68,2020:3.36,2021:-4.58,2022:-16.89,2023:13.57,2024:7.2)


Best Quarter
2020, Q2	15.27	%
Worst Quarter
2020, Q1	-18.72	%

NYLI Candriam Emerging Markets Debt Fund

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	8/31/2007	7.20	%	-0.04	%	3.09	%
Return After Taxes on Distributions
Class I		3.88	%	-2.59	%	0.84	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		4.23	%	-1.12	%	1.39	%
Return Before Taxes
Class A	6/1/1998	2.08	%	-1.28	%	2.32	%
Investor Class	2/28/2008	2.05	%	-1.69	%	1.99	%
Class C	9/1/1998	4.62	%	-1.50	%	1.70	%

JPMorgan EMBI Global Diversified Index¹		6.54	%	0.12	%	3.13	%

1. 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.

Management


Subadvisor	Portfolio Managers	Service Date

Candriam	Christopher Mey, Head of Emerging Market Debts Team	Since 2019
	Kroum Sourov, Fund Manager	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI Candriam Emerging Markets Debt Fund

intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.

NYLI Floating Rate Fund

Investment Objective

The Fund seeks high current income.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.59	%	0.59	%	0.59	%	0.59	%	0.59	%	0.59	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None		0.50	%
	Other Expenses	0.12	%	0.26	%	0.26	%	0.12	%	0.05	%	0.14	%
	Total Annual Fund Operating Expenses	0.96	%	1.10	%	1.85	%	0.71	%	0.64	%	1.23	%

1. 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.

2. The management fee is as follows: 0.60% on assets up to $1 billion; 0.575% on assets from $1 billion to $3 billion; and 0.565% on assets over $3 billion.

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 also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example also 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 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:


Expenses After	Class A	Investor	Class C		Class I	Class R6	SIMPLE
		Class	Assuming no redemption	Assuming redemption at end of period			Class
1 Year	$ 395	$ 359	$ 188	$ 288	$ 73	$ 65	$ 125
3 Years	$ 597	$ 591	$ 582	$ 582	$ 227	$ 205	$ 390
5 Years	$ 815	$ 841	$ 1,001	$ 1,001	$ 395	$ 357	$ 676
10 Years	$ 1,443	$ 1,557	$ 1,973	$ 1,973	$ 883	$ 798	$ 1,489

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in a portfolio of floating rate loans and other floating rate debt securities. The Fund may also purchase fixed-income and variable rate debt securities and money

NYLI Floating Rate Fund

market securities or instruments. When NYL Investors LLC, the Fund's Subadvisor, believes that market or economic conditions are unfavorable to investors, up to 100% of the Fund's assets may be invested in money market or short-term debt securities. The Subadvisor may also invest in these types of securities or hold a higher than ordinary level of cash, while looking for suitable investment opportunities or to maintain an appropriate level of liquidity.

The Fund may invest up to 25% of its total assets in foreign securities which are generally U.S. dollar-denominated loans and other debt securities issued by one or more non-U.S. borrower(s) without a U.S. domiciled co-borrower. 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 Subadvisor seeks to identify investment opportunities based on the financial condition and competitiveness of individual companies. The Subadvisor seeks to invest in companies with a high margin of safety that are leaders in industries with high barriers to entry. The Subadvisor prefers companies with positive free cash flow, solid asset coverage and management teams with strong track records. In virtually every phase of the investment process, the Subadvisor attempts to control risk and limit defaults.

Floating rate loans may offer a favorable yield spread over other short-term debt alternatives. Historically, floating rate loans have displayed little correlation to the movements of U.S. common stocks, high-grade bonds and U.S. government securities. Securities that are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) (such as securities rated lower than BBB- and Baa3), commonly referred to as “high-yield securities” or “junk bonds.” Floating rate loans are speculative investments and are usually rated below investment grade by an NRSRO. They typically have less credit risk and historically have had lower default rates than junk bonds. These loans are typically the most senior source of capital in a borrower's capital structure and usually have certain of the borrower's assets pledged as collateral. Floating rate loans feature rates that reset regularly, maintaining a fixed spread over the Secured Overnight Financing Rate or another reference rate or benchmark. The interest rates for floating rate loans typically reset quarterly, although rates on some loans may adjust at other intervals. Floating rate loans mature, on average, in five to seven years, but loan maturity can be as long as nine years.

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.

The Subadvisor may reduce or eliminate the Fund's position in a holding if it no longer believes the holding will contribute to meeting the investment objective of the Fund. In considering whether to sell a holding, the Subadvisor may evaluate, among other things, meaningful changes in the issuer's financial condition and competitiveness. The Subadvisor continually evaluates market factors and comparative metrics to determine relative value.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

NYLI Floating Rate Fund

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.

Floating Rate Loans Risk: 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.

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.

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 loans and other instruments are tied to reference rates or benchmarks such as the Secured Overnight Financing Rate (“SOFR”).

NYLI Floating Rate Fund

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.

Past Performance

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 Morningstar LSTA US Leveraged Loan Index, which is generally representative of the market sectors or types of investments in which the Fund invests. Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI Floating Rate Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-0.03,2016:8.55,2017:4.05,2018:-0.43,2019:8.44,2020:2.63,2021:3.4,2022:-1.06,2023:12.18,2024:8.5)


Best Quarter
2020, Q2	8.58	%
Worst Quarter
2020, Q1	-11.81	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	5/3/2004	8.50	%	5.03	%	4.53	%
Return After Taxes on Distributions
Class I		4.96	%	2.70	%	2.45	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		4.96	%	2.82	%	2.54	%
Return Before Taxes
Class A	5/3/2004	4.99	%	4.13	%	3.97	%
Investor Class	2/28/2008	5.39	%	4.04	%	3.92	%
Class C	5/3/2004	6.28	%	3.91	%	3.46	%
Class R6	2/28/2019	8.59	%	5.18	%	5.14	%
SIMPLE Class	8/31/2020	8.08	%	N/A		5.55	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%
Morningstar LSTA US Leveraged Loan Index²		8.95	%	5.86	%	5.15	%

1. 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.

2. The Morningstar LSTA US Leveraged Loan Index is a broad index designed to reflect the performance of U.S. dollar facilities in the leveraged loan market.

NYLI Floating Rate Fund

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.

Management

New York Life Investment Management LLC serves as the Manager. NYL Investors LLC serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Managers	Service Date

NYL Investors LLC	Mark A. Campellone, Managing Director	Since 2012
	Arthur S. Torrey, Managing Director	Since 2012

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI MacKay High Yield Corporate Bond Fund

Investment Objective

The Fund seeks maximum current income through investment in a diversified portfolio of high-yield debt securities. Capital appreciation is a secondary objective.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R2		Class R3		Class R6		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.50	%	4.00	%	None		None		None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None		None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.53	%	0.53	%	0.53	%	0.53	%	0.53	%	0.53	%	0.53	%	0.53	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		0.25	%	0.50	%	None		0.50	%
	Other Expenses	0.18	%	0.36	%	0.36	%	0.18	%	0.28	%	0.28	%	0.03	%	0.18	%
	Total Annual Fund Operating Expenses	0.96	%	1.14	%	1.89	%	0.71	%	1.06	%	1.31	%	0.56	%	1.21	%

2. 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R2	Class R3	Class R6	SIMPLE
		Class	Assuming no redemption	Assuming redemption at end of period					Class
1 Year	$ 544	$ 512	$ 192	$ 292	$ 73	$ 108	$ 133	$ 57	$ 123
3 Years	$ 742	$ 748	$ 594	$ 594	$ 227	$ 337	$ 415	$ 179	$ 384
5 Years	$ 957	$ 1,003	$ 1,021	$ 1,021	$ 395	$ 585	$ 718	$ 313	$ 665
10 Years	$ 1,575	$ 1,731	$ 2,016	$ 2,016	$ 883	$ 1,294	$ 1,579	$ 701	$ 1,466

Portfolio Turnover

NYLI MacKay High Yield Corporate Bond Fund

Principal Investment Strategies

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. 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.

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.

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.

The Fund may hold cash or invest in short-term instruments during times when the Subadvisor is unable to identify attractive high-yield securities.

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.

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.

Investment Process: 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.

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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

NYLI MacKay High Yield Corporate Bond Fund

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.

Loan Participation Interest Risk: 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.

NYLI MacKay High Yield Corporate Bond Fund

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”).

Derivatives Risk: 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.

NYLI MacKay High Yield Corporate Bond Fund

Private Placement and Restricted Securities Risk: 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.

Past Performance

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.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-1.6,2016:15.78,2017:6.79,2018:-1.46,2019:12.85,2020:5.12,2021:5.37,2022:-7.91,2023:11.75,2024:6.96)


Best Quarter
2020, Q2	9.50	%
Worst Quarter
2020, Q1	-12.56	%

NYLI MacKay High Yield Corporate Bond Fund

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/2004	6.96	%	4.04	%	5.13	%
Return After Taxes on Distributions
Class I		4.35	%	1.79	%	2.75	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		4.11	%	2.11	%	2.87	%
Return Before Taxes
Class A	1/3/1995	2.09	%	2.82	%	4.40	%
Investor Class	2/28/2008	2.37	%	2.69	%	4.28	%
Class C	9/1/1998	4.92	%	2.85	%	4.00	%
Class R2	5/1/2008	6.59	%	3.67	%	4.78	%
Class R3	2/29/2016	6.34	%	3.41	%	5.52	%
Class R6	6/17/2013	7.14	%	4.17	%	5.26	%
SIMPLE Class	8/31/2020	6.59	%	N/A		3.87	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%
ICE BofA U.S. High Yield Constrained Index²		8.20	%	4.03	%	5.08	%

2. 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.

Management

New York Life Investment Management LLC serves as the Manager. MacKay Shields LLC serves as the Subadvisor. The individuals listed below are jointly and primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Manager	Service Date

MacKay Shields LLC	Andrew Susser, Executive Managing Director	Since 2013
	Dohyun Cha, Managing Director	Since 2024
	Won Choi, Managing Director	Since 2024
	Nate Hudson, Managing Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies.

NYLI MacKay High Yield Corporate Bond Fund

Class A and SIMPLE Class shares have no subsequent investment minimum. Class R2 shares, Class R3 shares, Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI MacKay Short Duration High Income Fund

Investment Objective

The Fund seeks high current income. Capital appreciation is a secondary objective.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.65	%	0.65	%	0.65	%	0.65	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None
	Other Expenses	0.15	%	0.17	%	0.17	%	0.15	%
	Total Annual Fund Operating Expenses	1.05	%	1.07	%	1.82	%	0.80	%
	Waivers / Reimbursements²	(0.03	)%	0.00	%	0.00	%	(0.02	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements²	1.02	%	1.07	%	1.82	%	0.78	%

1. 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 12 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.

2. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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) do not exceed the following percentages of its average daily net assets: Class A, 1.02%; Investor Class, 1.13%; Class C, 1.88%; and Class I, 0.78%. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 401	$ 356	$ 185	$ 285	$ 80
3 Years	$ 621	$ 582	$ 573	$ 573	$ 253
5 Years	$ 859	$ 825	$ 985	$ 985	$ 442
10 Years	$ 1,541	$ 1,523	$ 1,940	$ 1,940	$ 988

Portfolio Turnover

NYLI MacKay Short Duration High Income Fund

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in high-yield 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. Debt securities in which the Fund may invest include all types of debt obligations such as bonds, debentures, notes, bank debt, loan participations, commercial paper, floating rate loans, U.S. Government securities (including obligations, such as repurchase agreements, secured by such instruments), and convertible corporate bonds. The Fund will generally seek to maintain a weighted average duration of three years or less, although the Fund may invest in instruments of any duration or maturity. 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.

Securities that are rated below investment grade by an NRSRO (such 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.

The Fund may invest up to 20% of its net assets in equity securities, including preferred shares. The Fund also may invest in securities of non-U.S. 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. The Fund may hold cash or invest in investment grade short-term instruments during times when the Subadvisor is unable to identify attractive high-yield securities.

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.

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. The yield on cash, investment grade debt or other high quality instruments 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.

Investment Process: The Subadvisor seeks to identify investment opportunities through analyzing individual companies and evaluates each company's competitive position, financial condition, and business prospects. The Fund seeks to minimize interest rate risk through its emphasis on duration management and investments in securities with short and intermediate maturities. 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Net Asset Value Risk: The Fund is not a money market fund, does not attempt to maintain a stable net asset value (“NAV”), and is not subject to the rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, the Fund’s investments may be more susceptible than those of a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to the Fund’s investments. The Fund’s NAV per share will fluctuate.

NYLI MacKay Short Duration High Income Fund

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisor may not produce the desired results or expected returns.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

NYLI MacKay Short Duration High Income Fund

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.

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”).

Distressed Securities Risk: Investments in distressed securities are subject to substantial risks in addition to the risks of investing in other types of high-yield securities. Distressed securities are speculative and involve substantial risk that principal will not be repaid. Generally, the Fund will not receive interest payments on such securities and may incur costs to protect its investment. In addition, the Fund's ability to sell distressed securities and any securities received in exchange for such securities may be restricted.

Repurchase Agreement Risk: 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.

Derivatives Risk: 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.

NYLI MacKay Short Duration High Income Fund

Past Performance

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 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI MacKay Short Duration High Income Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:0.68,2016:10.82,2017:4.64,2018:0.15,2019:9.37,2020:3.25,2021:4.74,2022:-2.49,2023:10.2,2024:6.82)


Best Quarter
2020, Q2	9.11	%
Worst Quarter
2020, Q1	-11.96	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	12/17/2012	6.82	%	4.42	%	4.73	%
Return After Taxes on Distributions
Class I		4.13	%	2.26	%	2.59	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		4.00	%	2.43	%	2.67	%
Return Before Taxes
Class A	12/17/2012	3.37	%	3.53	%	4.15	%
Investor Class	12/17/2012	3.85	%	3.45	%	4.07	%
Class C	12/17/2012	4.63	%	3.31	%	3.60	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%
ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index²		7.08	%	4.22	%	4.67	%

2. The ICE BofA 1-5 Year BB-B U.S. High Yield Corporate Cash Pay Index generally tracks the performance of BB-B rated U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market with maturities of 1 to 5 years.

NYLI MacKay Short Duration High Income Fund

Management

New York Life Investment Management LLC serves as the Manager. MacKay Shields LLC serves as the Subadvisor. The individuals listed below are jointly and primarily primarily responsible for day-to-day portfolio management.


Subadvisor	Portfolio Manager	Service Date

MacKay Shields LLC	Andrew Susser, Executive Managing Director	Since 2012
	Dohyun Cha, Managing Director	Since 2024
	Won Choi, Managing Director	Since 2024
	Nate Hudson, Managing Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI MacKay Strategic Bond Fund

Investment Objective

The Fund seeks total return by investing primarily in domestic and foreign debt securities.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.50	%	4.00	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.59	%	0.59	%	0.59	%	0.59	%	0.59	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.18	%	0.42	%	0.42	%	0.17	%	0.06	%
	Total Annual Fund Operating Expenses	1.02	%	1.26	%	2.01	%	0.76	%	0.65	%
	Waivers / Reimbursements^3,4	0.00	%	(0.02	)%	(0.02	)%	(0.06	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^3,4	1.02	%	1.24	%	1.99	%	0.70	%	0.65	%

2. 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 549	$ 521	$ 202	$ 302	$ 72	$ 66
3 Years	$ 760	$ 782	$ 629	$ 629	$ 237	$ 208
5 Years	$ 988	$ 1,062	$ 1,081	$ 1,081	$ 416	$ 362
10 Years	$ 1,642	$ 1,860	$ 2,143	$ 2,143	$ 937	$ 810

NYLI MacKay Strategic Bond Fund

Portfolio Turnover

Principal Investment Strategies

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. 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.

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.

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.

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.

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).

Investment Process: 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.

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.

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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI MacKay Strategic Bond Fund

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

Zero Coupon Bond Risk: 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.

Municipal Bond Risk: 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. 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 could cause increased volatility in the municipal securities market and could negatively impact the Fund’s net asset value.

Short Selling and Short Exposure Risk: To the extent the Fund obtains short exposure through the use of derivatives, the Fund would be subject to leverage risk, counterparty risk and other risks associated with the use of derivatives. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss, which could be theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot go below zero. The Fund may have substantial short positions and must borrow those securities to make delivery to the buyer. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions before it had intended to do so. Thus, the Fund may not be able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. The Fund also may be required to pay a premium and other transaction costs, which would increase the

NYLI MacKay Strategic Bond Fund

cost of the security sold short. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends, interest or expenses the Fund may be required to pay in connection with the short sale.

Until the Fund replaces a borrowed security, it is required to maintain a segregated account of cash or liquid assets with the Fund's broker or custodian to cover the Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund's ability to access the pledged collateral may also be impaired in the event the broker fails to comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral. This may limit the Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.

By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund's exposure to long positions and make any change in the Fund's net asset value greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that the Fund will leverage its portfolio, or if it does, that the Fund's leveraging strategy will be successful or that it will produce a higher return on an investment.

NYLI MacKay Strategic Bond Fund

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.

Mortgage-Related and Other Asset-Backed Securities Risk: 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, 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.

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”).

NYLI MacKay Strategic Bond Fund

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.

When-Issued Securities Risk: 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.

Portfolio Turnover Risk: 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.

Past Performance

NYLI MacKay Strategic Bond Fund

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-3.56,2016:8.28,2017:4.95,2018:-1.57,2019:6.82,2020:6.44,2021:2.2,2022:-7.47,2023:9.83,2024:6.67)


Best Quarter
2020, Q2	7.20	%
Worst Quarter
2020, Q1	-7.38	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/2004	6.67	%	3.35	%	3.11	%
Return After Taxes on Distributions
Class I		4.30	%	1.81	%	1.58	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		3.91	%	1.89	%	1.69	%
Return Before Taxes
Class A	2/28/1997	1.57	%	2.10	%	2.36	%
Investor Class	2/28/2008	1.89	%	1.92	%	2.28	%
Class C	9/1/1998	4.32	%	2.12	%	1.98	%
Class R6	2/28/2018	6.70	%	3.49	%	3.39	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%

NYLI MacKay Strategic Bond Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	Neil Moriarty, III, Senior Managing Director	Since 2018
	Lesya Paisley, Director	Since 2022
	Michael DePalma, Managing Director	Since 2022
	Cameron White, Managing Director	Since February 2025
	Zachary Aronson, Director	Since February 2025

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI MacKay Total Return Bond Fund

Investment Objective

The Fund seeks total return.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	4.50	%	4.00	%	None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None		0.50	%
	Other Expenses	0.24	%	0.51	%	0.50	%	0.24	%	0.09	%	0.11	%
	Total Annual Fund Operating Expenses	0.84	%	1.11	%	1.85	%	0.59	%	0.44	%	0.96	%
	Waivers / Reimbursements³	0.00	%	0.00	%	0.00	%	(0.24	)%	(0.09	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.84	%	1.11	%	1.85	%	0.35	%	0.35	%	0.96	%

2. Restated to reflect current management fee. The management fee on all asset levels is 0.35%.

3. New York Life Investment Management LLC ("New York Life Investments") 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, 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 percentages of its average daily net assets: Class A, 0.88%; and Class I, 0.35%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to other share classes, except Class R6. In addition, New York Life Investments will 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, 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6	SIMPLE
		Class	Assuming no redemption	Assuming redemption at end of period			Class
1 Year	$ 532	$ 509	$ 188	$ 288	$ 36	$ 36	$ 98
3 Years	$ 706	$ 739	$ 582	$ 582	$ 165	$ 132	$ 306
5 Years	$ 895	$ 987	$ 1,001	$ 1,001	$ 305	$ 237	$ 531
10 Years	$ 1,440	$ 1,698	$ 1,976	$ 1,976	$ 715	$ 546	$ 1,178

NYLI MacKay Total Return Bond Fund

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in bonds, which include all types of debt 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 securities issued by U.S. or foreign corporate entities; zero coupon bonds; municipal bonds; mortgage-related and other asset-backed securities; and loan participation interests. The Fund will generally seek to maintain a weighted average duration within 2.5 years (plus or minus) of the duration of the Bloomberg U.S. Aggregate Bond Index. 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. As of December 31, 2024, the weighted average duration of the Fund and Bloomberg U.S. Aggregate Bond Index were 5.9 years and 6.1 years, respectively.

The Fund, under normal circumstances, will invest at least 65% percent of its total assets in investment grade debt securities, as rated by a nationally recognized statistical rating organization (“NRSRO”) when purchased, or if unrated, determined by MacKay Shields LLC, the Fund’s Subadvisor, to be of comparable quality. The Fund may also invest up to 30% of its total assets in securities rated below investment grade by a NRSRO (such securities rated lower than BBB- and Baa3) or, if unrated, determined by the Subadvisor to be of comparable quality. 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 for the same security, the Fund will use the higher rating for purposes of determining the credit quality. The Fund may invest in mortgage dollar rolls, to-be-announced ("TBA") securities transactions, variable rate notes and floating rate notes.

The Fund may invest up to 20% of its total assets in securities denominated in foreign currencies. To the extent possible, the Fund will attempt to protect these investments against risks stemming from differences in foreign exchange rates.

The Fund may also invest in derivatives such as futures, options and swap agreements to try to enhance returns or reduce the risk of loss by hedging certain of its holdings. Commercial paper must be, when purchased, rated in the highest rating category by a NRSRO or if unrated, determined by the Subadvisor to be of comparable quality. The Fund's principal investments may have fixed or floating rates of interest.

Investment Process: In pursuing the Fund’s investment strategy, the Subadvisor conducts a continuous review of expected returns, yields and other information derived from a database which it maintains in managing fixed income portfolios.

Fundamental economic cycle analysis, credit quality and interest rate trends are the principal factors considered by the Subadvisor in managing the Fund and determining whether to increase or decrease the emphasis placed upon a particular type of security or industry sector within the Fund's investment portfolio. 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. Maturity duration shifts adjustments are based on a set of investment decisions that take into account a broad range of economic, fundamental and technical indicators.

The Subadvisor may sell a security if it no longer believes that 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, meaningful changes in the issuer's financial condition, and changes in the condition and outlook in the issuer's industry.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI MacKay Total Return Bond Fund

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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

NYLI MacKay Total Return Bond Fund

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.

TBA Securities Risk: 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.

NYLI MacKay Total Return Bond Fund

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.

Mortgage Dollar Roll Transaction Risk: 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.

Portfolio Turnover Risk: 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.

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI MacKay Total Return Bond Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-1.46,2016:4.8,2017:4.63,2018:-1.23,2019:9.38,2020:9.72,2021:-0.51,2022:-15.29,2023:7.92,2024:4.75)


Best Quarter
2023, Q4	7.61	%
Worst Quarter
2022, Q1	-6.69	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/1991	4.75	%	0.89	%	2.01	%
Return After Taxes on Distributions
Class I		2.47	%	-0.88	%	0.50	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		2.79	%	-0.01	%	0.91	%
Return Before Taxes
Class A	1/2/2004	-0.36	%	-0.37	%	1.20	%
Investor Class	2/28/2008	-0.15	%	-0.61	%	1.04	%
Class C	1/2/2004	2.35	%	-0.42	%	0.77	%
Class R6	12/29/2014	4.76	%	0.90	%	2.05	%
SIMPLE Class	8/31/2020	4.18	%	N/A		-1.30	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%

NYLI MacKay Total Return Bond Fund

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	Neil Moriarty, III, Senior Managing Director	Since 2018
	Lesya Paisley, Director	Since 2022
	Michael DePalma, Managing Director	Since 2023
	Cameron White, Managing Director	Since February 2025
	Zachary Aronson, Director	Since February 2025

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI MacKay U.S. Infrastructure Bond Fund

Investment Objective

The Fund seeks current income.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.48	%	0.48	%	0.48	%	0.48	%	0.48	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.20	%	0.58	%	0.58	%	0.20	%	0.05	%
	Total Annual Fund Operating Expenses	0.93	%	1.31	%	2.06	%	0.68	%	0.53	%
	Waivers / Reimbursements^3,4	(0.08	)%	(0.18	)%	(0.18	)%	(0.08	)%	(0.01	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^3,4	0.85	%	1.13	%	1.88	%	0.60	%	0.52	%

2. The management fee is as follows: 0.50% on assets up to $500 million; 0.475% on assets from $500 million to $1 billion; and 0.45% on assets over $1 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 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 Investments 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 384	$ 362	$ 191	$ 291	$ 61	$ 53
3 Years	$ 580	$ 638	$ 628	$ 628	$ 210	$ 169
5 Years	$ 792	$ 933	$ 1,092	$ 1,092	$ 371	$ 295
10 Years	$ 1,402	$ 1,774	$ 2,183	$ 2,183	$ 839	$ 664

NYLI MacKay U.S. Infrastructure Bond Fund

Portfolio Turnover

Principal Investment Strategies

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. 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).

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 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.

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.

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.

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 United States.

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.

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.

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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI MacKay U.S. Infrastructure Bond Fund

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

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).

Infrastructure Investment Risk: 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.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

· Revenue Bonds (including Industrial Development Bonds) Risk—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;

NYLI MacKay U.S. Infrastructure Bond Fund

· Private Activity Bonds Risk—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;

· Moral Obligation Bonds Risk—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;

· Municipal Notes Risk—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

· Municipal Lease Obligations Risk—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.

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.

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.

Municipal Bond Focus Risk: 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.

NYLI MacKay U.S. Infrastructure Bond Fund

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.

Derivatives Risk: 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.

Past Performance

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.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective August 31, 2020, February 28, 2019 and June 21, 2019, the Fund modified its principal investment strategies. The past performance in the bar chart and table prior to those dates reflects the Fund's prior principal investment strategies.

NYLI MacKay U.S. Infrastructure Bond Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:0.26,2016:0.86,2017:2.17,2018:-0.46,2019:9.16,2020:6.56,2021:0.62,2022:-12.78,2023:6.94,2024:2.62)


Best Quarter
2023, Q4	5.74	%
Worst Quarter
2022, Q1	-5.61	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/2004	2.62	%	0.52	%	1.43	%
Return After Taxes on Distributions
Class I		0.77	%	-0.88	%	0.19	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		1.54	%	-0.18	%	0.56	%
Return Before Taxes
Class A	1/3/1995	-0.68	%	-0.62	%	0.73	%
Investor Class	2/28/2008	-0.47	%	-0.93	%	0.42	%
Class C	9/1/1998	0.49	%	-0.73	%	0.15	%
Class R6	11/1/2019	2.82	%	0.61	%	0.47	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%
Bloomberg 5-10 Year Taxable Municipal Bond Index²		3.52	%	1.05	%	2.60	%

2. The Bloomberg 5-10 Year Taxable Municipal Bond Index is the 5-10 year component of the Bloomberg Taxable Municipal Bond Index.

NYLI MacKay U.S. Infrastructure Bond Fund

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	John Loffredo, Executive Managing Director	Since 2019
	Robert DiMella, Executive Managing Director	Since 2019
	Michael Petty, Senior Managing Director	Since 2019
	David Dowden, Managing Director	Since 2019
	Scott Sprauer, Senior Managing Director	Since 2019
	Frances Lewis, Senior Managing Director	Since 2019
	Robert Burke, Managing Director	Since 2019
	John Lawlor, Managing Director	Since 2019
	Sanjit Gill, Director	Since 2023
	Michael Denlinger, Director	Since 2021

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI Short Term Bond Fund

Investment Objective

The Fund seeks current income consistent with capital preservation.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $250,000 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class I		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	1.00	%	0.50	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.25	%	0.25	%	0.25	%	0.25	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	None		0.50	%
	Other Expenses	0.21	%	0.76	%	0.21	%	0.21	%
	Total Annual Fund Operating Expenses	0.71	%	1.26	%	0.46	%	0.96	%
	Waivers / Reimbursements³	0.00	%	(0.34	)%	(0.06	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.71	%	0.92	%	0.40	%	0.96	%

1. 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 0.50% may be imposed on certain redemptions made within 12 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.

2. The management fee is as follows: 0.25% on assets up to $1 billion and 0.20% on assets over $1 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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) do not exceed the following percentages of its average daily net assets: Class A, 0.82%; Investor Class, 0.92%; Class I, 0.40%; and SIMPLE Class, 1.17%. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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:


Expenses After	Class A	Investor	Class I	SIMPLE
		Class		Class
1 Year	$ 172	$ 143	$ 41	$ 98
3 Years	$ 325	$ 414	$ 142	$ 306
5 Years	$ 491	$ 706	$ 252	$ 531
10 Years	$ 974	$ 1,535	$ 573	$ 1,178

Portfolio Turnover

NYLI Short Term Bond Fund

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in debt securities.

Under normal circumstances, the Fund invests at least 80% of net assets in investment grade quality bonds of various types as rated by a nationally recognized statistical rating organization (“NRSRO”) (such bonds rated BBB- or higher, or Baa3 or higher), or if unrated, judged to be of comparable quality by NYL Investors LLC, the Fund’s Subadvisor. The Fund may invest up to 20% of its net assets in bonds rated below investment grade by a NRSRO (such as bonds rated lower than BBB- and Baa3), commonly referred to as “high yield” or “junk” bonds. In the event NRSROs assign different ratings to the same security, the Fund will apply the lower rating if rated differently by two NRSROs, and will apply the middle rating if rated differently by three NRSROs.

The Fund's principal investments include investment grade corporate credit and securitized assets, including structured credit, collateralized loan obligations, asset-backed securities, residential mortgage-backed securities, commercial mortgage-backed securities and collateralized mortgage obligations.

The Fund attempts to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average dollar-weighted duration range between one and three 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.

The Fund may also invest in futures to seek to enhance returns or reduce the risk of loss by hedging certain of its holdings.

Investment Process: The Subadvisor seeks to generate consistent, risk-adjusted excess returns by conducting bottom-up fundamental research as the basis for investment selection.

Core to the Subadvisor’s objective is capital preservation through loss-avoidance by constructing a well-diversified portfolio with a long-term focus. Underlying investment opportunities are based on the financial condition and competitiveness of individual companies. The Subadvisor also invests in companies that the Subadvisor believes have a high margin of safety and are leaders in industries with high barriers to entry.

The Subadvisor prefers companies with positive free cash flow, solid asset coverage and management teams with strong track records. In virtually every phase of the investment process, the Subadvisor attempts to control risk and limit defaults.

The Subadvisor may sell a security if it believes the security will no longer contribute to meeting the investment objective of the Fund.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI Short Term Bond Fund

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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

Mortgage Pass-Through Securities Risk: Investments in mortgage pass-through securities are subject to similar market risks as fixed-income securities, which include, but are not limited to, interest rate risk, credit risk, prepayment risk, and extension risk.

Mortgage-Related and Other Asset-Backed Securities Risk: 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, the market's perception of issuers, and the creditworthiness of the parties involved. 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.

NYLI Short Term Bond Fund

Portfolio Turnover Risk: 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.

Past Performance

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 1-3 Year U.S. Government/Credit Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective December 5, 2019, the Fund's investment objective and principal investment strategies changed. Prior to that date, the Fund operated as an index fund and sought to match the return of its former benchmark gross of fees. The past performance in the bar chart and table prior to that date reflects the Fund’s prior investment objective and principal investment strategies.

NYLI Short Term Bond Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:0.16,2016:2.16,2017:3.19,2018:-0.57,2019:8.49,2020:3.25,2021:-0.3,2022:-4.18,2023:4.92,2024:4.92)


Best Quarter
2020, Q2	5.58	%
Worst Quarter
2020, Q1	-4.05	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/1991	4.92	%	1.66	%	2.15	%
Return After Taxes on Distributions
Class I		2.75	%	-0.09	%	0.56	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		2.88	%	0.62	%	1.02	%
Return Before Taxes
Class A	1/2/2004	3.54	%	0.70	%	1.53	%
Investor Class	2/28/2008	3.93	%	0.53	%	1.31	%
SIMPLE Class	8/31/2020	4.36	%	N/A		0.66	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%
Bloomberg 1-3 Year U.S. Government/Credit Bond Index²		4.36	%	1.58	%	1.63	%

2. The Bloomberg 1-3 Year U.S. Government/Credit Bond Index is an unmanaged index comprised of investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities, with maturities of one to three years.

NYLI Short Term Bond Fund

Management


Subadvisor	Portfolio Managers	Service Date

NYL Investors LLC	Kenneth Sommer, Managing Director	Since 2017
	Matthew Downs, Senior Director	Since 2023

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class shares. However, for Investor Class shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

NYLI MacKay Arizona Muni Fund

Investment Objective

The Fund seeks current income exempt from federal and Arizona income taxes.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Class C		Class I		Class Z
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	None		None		3.00	%
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.45	%	0.45	%	0.45	%	0.45	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.50	%	None		0.15	%
	Other Expenses²	0.31	%	0.61	%	0.29	%	0.29	%
	Total Annual Fund Operating Expenses	1.01	%	1.56	%	0.74	%	0.89	%
	Waivers / Reimbursements³	(0.21	)%	(0.46	)%	(0.19	)%	(0.15	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.80	%	1.10	%	0.55	%	0.74	%

2. Other expenses are based on estimated amounts for the current fiscal year.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentages of its average daily net assets: Class A, 0.80%; Class C, 1.10%; Class I, 0.55%; and Class Z, 0.74%. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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 Class A shares in years 9-10. 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:


Expenses After	Class A	Class C		Class I	Class Z
		Assuming no redemption	Assuming redemption at end of period
1 Year	$ 379	$ 112	$ 212	$ 56	$ 373
3 Years	$ 570	$ 400	$ 400	$ 197	$ 546
5 Years	$ 800	$ 760	$ 760	$ 373	$ 749
10 Years	$ 1,461	$ 1,627	$ 1,627	$ 882	$ 1,336

Portfolio Turnover

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 period, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.

NYLI MacKay Arizona Muni Fund

Principal Investment Strategies

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and Arizona income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of Arizona. Municipal bonds include 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 municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and Arizona income taxes.

Although the Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds, MacKay Shields LLC, the Fund's Subadvisor, intends to invest primarily in investment grade quality bonds as rated by at least one nationally recognized statistical rating organization (“NRSRO”) or if unrated, judged to be of comparable quality by the Subadvisor. The Fund may invest up to 20% of its net assets in municipal bonds that are rated below investment grade (commonly referred to as “high-yield securities” or “junk bonds”) as rated by at least one NRSRO, including up to 10% of its net assets in municipal bonds that are the subject of bankruptcy proceedings, that are in default as to the payment of principal or interest, or that are rated in the lowest rating category by a NRSRO, or if unrated, judged to be of comparable quality by the Subadvisor (“distressed securities”). 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. The Fund will seek to maintain a portfolio dollar-weighted average duration of 3-10 years, although the Fund may invest in instruments of any duration or maturity.

If the supply of Arizona state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from Arizona income taxes.

The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

Investment Process: In selecting investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks with respect to municipal bonds, including environmental, social and governance (“ESG”) risks. “ESG risks” are defined as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the investment. Certain ESG factors may be more relevant for certain sectors or issuers than others. Factors considered by the Subadvisor may include an issuer’s exposure to or management of climate risk, energy resources, community and/or employee relations, demographic shifts, cybersecurity, regulation and financial management of policies and procedures. In addition to proprietary research, the Subadvisor may use screening tools such as those provided by third-party providers 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, industries or individual issuers are explicitly excluded from the Fund.

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.

Principal Risks

NYLI MacKay Arizona Muni Fund

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: 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 significantly 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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

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 and economic and societal events, such as infectious diseases and increased unemployment. Actions that municipalities may take in response to such events could result in disruption or reduced operations and productivity for businesses, thereby causing reduced tax revenues and increased budgetary pressures, which may adversely affect the issuer’s financial condition or ability to meet its financial obligations. Such events and uncertainties could cause increased volatility and reduced liquidity in the municipal securities market and could negatively impact the Fund's net asset value and/or the distributions paid by the Fund.

NYLI MacKay Arizona Muni Fund

High-Yield Municipal Bond Risk: High-yield or non-investment grade municipal bonds (commonly referred to as "junk bonds") may be subject to increased liquidity risk as compared to other high-yield debt securities. There may be little or no active trading market for certain high-yield municipal bonds, which may make it difficult for the Fund to sell such bonds at or near their perceived value. In such cases, the value of a high-yield municipal bond may decline dramatically, even during periods of declining interest rates. The high-yield municipal bonds in which the Fund intends to invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds.

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.

NYLI MacKay Arizona Muni 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.

Arizona State Specific Risk: Because the Fund invests in municipal bonds issued by or on behalf of the State of Arizona, and its political subdivisions, agencies and instrumentalities, events in Arizona may affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of Arizona’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in Arizona.

Tax Risk: 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 state tax authorities 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.

Variable Rate Demand Instruments Risk: 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 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.

Past Performance

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. The table also includes the average annual returns of the Bloomberg Municipal Bond Index 1-15 Yr. Blend, which is generally representative of the market sectors or types of investments in which the Fund invests.

NYLI MacKay Arizona Muni Fund

Class I shares of the Fund. The performance of Class A shares would be similar to the other shares classes of the Fund because all share classes are invested in the same portfolio of securities and would differ only to the extent that Class A shares have different expenses.

Effective July 19, 2024, the Aquila Tax-Free Trust of Arizona (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:2.71,2016:0.12,2017:4.27,2018:1.02,2019:6.08,2020:3.88,2021:0.99,2022:-7.44,2023:4.49,2024:1.34)


Best Quarter
2023, Q4	5.67	%
Worst Quarter
2022, Q1	-5.50	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	4/1/1996	1.34	%	0.56	%	1.68	%
Return After Taxes on Distributions
Class I		1.27	%	0.52	%	1.64	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		1.98	%	1.00	%	1.91	%
Return Before Taxes
Class C	4/1/1996	-0.54	%	-0.40	%	0.69	%
Class Z	3/13/1986	-1.86	%	-0.20	%	1.23	%
Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg Municipal Bond Index 1-15 Yr Blend²		0.88	%	1.08	%	2.04	%

1. 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.

2. The Bloomberg Municipal Bond Index 1-15 Yr Blend covers the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and prerefunded bonds.

NYLI MacKay Arizona Muni Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date


MacKay Shields LLC	Michael Denlinger, Managing Director	Since 2024


	David Dowden, Managing Director	Since 2024


	Scott Sprauer, Senior Managing Director	Since 2024


	Matthew Hage, Director	Since 2024


	Michael Perilli, Director	Since 2024

How to Purchase and Sell Shares

Class Z shares are generally only available to existing holders of Class Z shares of the Fund. Generally, an initial investment minimum of $1,000 applies if you invest in Class Z shares, $2,500 for Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan. Class A and Class Z shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

The Fund's distributions are generally expected to be exempt from federal and Arizona state income tax. However, a portion of the distributions may be subject to the alternative minimum tax. Additionally, the Fund may derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, generally will be taxable.

Compensation to Financial Intermediary Firms

NYLI MacKay California Muni Fund

Investment Objective

The Fund seeks current income exempt from federal and California income taxes.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class C2		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.45	%	0.45	%	0.45	%	0.45	%	0.45	%	0.45	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	0.50	%	0.65	%	None		None
	Other Expenses	0.06	%	0.09	%	0.09	%	0.09	%	0.06	%	0.03	%
	Total Annual Fund Operating Expenses	0.76	%	0.79	%	1.04	%	1.19	%	0.51	%	0.48	%
	Waivers / Reimbursements³	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.75	%	0.78	%	1.03	%	1.18	%	0.50	%	0.48	%

2. The management fee is as follows: 0.45% on assets up to $1 billion; 0.43% on assets from $1 billion to $3 billion; and 0.42% on assets over $3 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 A shares do not exceed 0.75% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to other share classes, except Class R6. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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:


Expenses After	Class A	Investor	Class C		Class C2		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 374	$ 328	$ 105	$ 205	$ 120	$ 220	$ 51	$ 49
3 Years	$ 535	$ 495	$ 330	$ 330	$ 377	$ 377	$ 163	$ 154
5 Years	$ 709	$ 677	$ 573	$ 573	$ 653	$ 653	$ 284	$ 269
10 Years	$ 1,213	$ 1,203	$ 1,200	$ 1,200	$ 1,331	$ 1,331	$ 640	$ 604

Portfolio Turnover

NYLI MacKay California Muni Fund

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.

Principal Investment Strategies

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and California income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of California. 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 municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and California income taxes.

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. The Fund generally invests in municipal bonds that have a maturity of five years or longer at the time of purchase.

If the supply of California state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from California income 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: In choosing investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

The Subadvisor uses active management in an effort to identify municipal bonds it believes to be mispriced and to 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI MacKay California Muni Fund

stress as a result of various market, economic and geopolitical factors (including responses to government actions or interventions) 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.

Portfolio Management Risk: 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 significantly 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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

Municipal Bond Focus Risk: 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 or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political or regulatory occurrences impacting these particular cities or regions.

NYLI MacKay California Muni Fund

Derivatives Risk: 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.

NYLI MacKay California Muni Fund

California State Specific Risk: Because the Fund invests in municipal bonds issued by or on behalf of the State of California, and its political subdivisions, agencies and instrumentalities, events in California may affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of California’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in California.

Past Performance

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. The table also includes the average annual returns of the Bloomberg California Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI MacKay California Muni Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:5.81,2016:1.07,2017:6.75,2018:1.95,2019:8.45,2020:5.12,2021:2.52,2022:-10.76,2023:7.03,2024:2.7)


Best Quarter
2023, Q4	8.15	%
Worst Quarter
2022, Q1	-7.53	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	2/28/2013	2.70	%	1.12	%	2.92	%
Return After Taxes on Distributions
Class I		2.66	%	1.08	%	2.90	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		3.12	%	1.55	%	3.00	%
Return Before Taxes
Class A	2/28/2013	-0.63	%	-0.06	%	2.19	%
Investor Class	2/28/2013	-0.15	%	-0.09	%	2.16	%
Class C	2/28/2013	1.17	%	0.59	%	2.38	%
Class C2	8/31/2020	1.12	%	N/A		0.09	%
Class R6	11/1/2019	2.72	%	1.15	%	1.24	%

Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg California Municipal Bond Index²		1.02	%	0.96	%	2.23	%

2. The Bloomberg California Municipal Bond Index is a market value-weighted index of California investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.

NYLI MacKay California Muni Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	Robert DiMella, Executive Managing Director	Since 2013
	Scott Sprauer, Senior Managing Director	Since 2013
	Frances Lewis, Senior Managing Director	Since 2017
	Michael Denlinger, Managing Director	Since 2021
	Michael Perilli, Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class, Class C or Class C2 shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class, Class C and Class C2 shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

The Fund's distributions are generally expected to be exempt from federal and California state income tax. However, a portion of the distributions may be subject to the alternative minimum tax. Additionally, the Fund may derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, generally will be taxable.

Compensation to Financial Intermediary Firms

NYLI MacKay Colorado Muni Fund

Investment Objective

The Fund seeks current income exempt from federal and Colorado income taxes.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Class C		Class I		Class Z
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	None		None		3.00	%
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.45	%	0.45	%	0.45	%	0.45	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.50	%	None		0.075	%
	Other Expenses²	0.32	%	0.71	%	0.39	%	0.39	%
	Total Annual Fund Operating Expenses	1.02	%	1.66	%	0.84	%	0.915	%
	Waivers / Reimbursements³	(0.22	)%	(0.56	)%	(0.29	)%	(0.13	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.80	%	1.10	%	0.55	%	0.785	%

2. Other expenses are based on estimated amounts for the current fiscal year.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentages of its average daily net assets: Class A, 0.80%, Class C, 1.10%, Class I, 0.55% and Class Z, 0.785%. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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 Class A shares in years 9-10. 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:


Expenses After	Class A	Class C		Class I	Class Z
		Assuming no redemption	Assuming redemption at end of period
1 Year	$ 379	$ 112	$ 212	$ 56	$ 378
3 Years	$ 571	$ 411	$ 411	$ 208	$ 557
5 Years	$ 804	$ 794	$ 794	$ 407	$ 766
10 Years	$ 1,471	$ 1,696	$ 1,696	$ 982	$ 1,368

Portfolio Turnover

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 period, the Fund's portfolio turnover rate was 33% of the average value of its portfolio.

NYLI MacKay Colorado Muni Fund

Principal Investment Strategies

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and Colorado income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of Colorado. Municipal bonds include 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 municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and Colorado income taxes.

If the supply of Colorado state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from Colorado income taxes.

The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

Investment Process: In selecting investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

Principal Risks

NYLI MacKay Colorado Muni Fund

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: 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 significantly 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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

NYLI MacKay Colorado Muni Fund

Derivatives may also increase the expenses of the Fund.

Colorado State Specific Risk: Because the Fund invests in municipal bonds issued by or on behalf of the State of Colorado, and its political subdivisions, agencies and instrumentalities, events in Colorado may affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of Colorado’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in Colorado.

Past Performance

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. The table also includes the average annual returns of the Bloomberg Municipal Bond Index 1-15 Yr. Blend, which is generally representative of the market sectors or types of investments in which the Fund invests.

NYLI MacKay Colorado Muni Fund

Effective July 19, 2024, the Aquila Tax-Free Fund of Colorado (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:3,2016:0.02,2017:2.88,2018:0.71,2019:4.87,2020:3.75,2021:-0.28,2022:-6.14,2023:3.86,2024:0.93)


Best Quarter
2023, Q4	5.08	%
Worst Quarter
2022, Q1	-5.28	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	4/30/1996	0.93	%	0.36	%	1.31	%
Return After Taxes on Distributions
Class I		0.89	%	0.34	%	1.30	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		1.72	%	0.74	%	1.54	%
Return Before Taxes
Class C	4/30/1996	-0.86	%	-0.61	%	0.33	%
Class Z	5/21/1987	-2.21	%	-0.30	%	0.96	%
Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg Municipal Bond Index 1-15 Yr Blend²		0.88	%	1.08	%	2.04	%

NYLI MacKay Colorado Muni Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date


MacKay Shields LLC	Michael Denlinger, Managing Director	Since 2024


	David Dowden, Managing Director	Since 2024


	Scott Sprauer, Senior Managing Director	Since 2024


	Matthew Hage, Director	Since 2024


	Michael Perilli, Director	Since 2024

How to Purchase and Sell Shares

Tax Information

The Fund's distributions are generally expected to be exempt from federal and Colorado state income tax. However, a portion of the distributions may be subject to the alternative minimum tax. Additionally, the Fund may derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, generally will be taxable.

Compensation to Financial Intermediary Firms

NYLI MacKay High Yield Muni Bond Fund

Investment Objective

The Fund seeks a high level of current income exempt from federal income taxes. The Fund's secondary investment objective is total return.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.53	%	0.53	%	0.53	%	0.53	%	0.53	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.08	%	0.10	%	0.10	%	0.08	%	0.02	%
	Acquired (Underlying) Fund Fees and Expenses	0.02	%	0.02	%	0.02	%	0.02	%	0.02	%
	Total Annual Fund Operating Expenses	0.88	%	0.90	%	1.65	%	0.63	%	0.57	%

2. The management fee is as follows: 0.55% on assets up to $1 billion; 0.54% on assets from $1 billion to $3 billion; 0.53% on assets from $3 billion to $5 billion; 0.52% on assets from $5 billion to $7 billion; 0.51% on assets from $7 billion to $9 billion; 0.50% on assets from $9 billion to $11 billion; 0.49% on assets from $11 billion to $13 billion; and 0.48% on assets over $13 billion.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 387	$ 340	$ 168	$ 268	$ 64	$ 58
3 Years	$ 572	$ 530	$ 520	$ 520	$ 202	$ 183
5 Years	$ 773	$ 736	$ 897	$ 897	$ 351	$ 318
10 Years	$ 1,352	$ 1,330	$ 1,754	$ 1,754	$ 786	$ 714

Portfolio Turnover

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds. The Fund may invest in municipal bonds rated in any rating category or in unrated municipal bonds.

NYLI MacKay High Yield Muni Bond Fund

Municipal bonds include debt obligations issued by or on behalf of a governmental entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, 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). 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. Issuers may be states, territories and possessions of the U.S. and the District of Columbia and their political subdivisions, agencies and instrumentalities.

Although the Fund may invest in municipal bonds in any rating category, MacKay Shields LLC, the Fund's Subadvisor, intends to invest at least 65% of the Fund's net assets in medium- to low-quality bonds as rated by a nationally recognized statistical rating organization (“NRSRO”) or if unrated, judged to be of comparable quality by the Subadvisor. The Fund may invest up to 10% of its net assets in municipal bonds that are the subject of bankruptcy proceedings, that are in default as to the payment of principal or interest, or that are rated in the lowest rating category by a NRSRO or if unrated, judged to be of comparable quality by the Subadvisor ("distressed securities"). Some obligations rated below investment grade are commonly referred to as "junk bonds." It is possible that the Fund could invest up to 100% of its net assets in these securities. However, the Fund reserves the right to invest less than 65% of its net assets in medium- to low-quality bonds if the Subadvisor determines that there is an insufficient supply of such obligations available that are appropriate for investment or for temporary defensive measures. The Fund will generally invest in municipal bonds that have a maturity of five years or longer at the time of purchase. If NRSROs assign different ratings to the same security, the Fund will use the lower rating for purposes of determining the security's credit quality.

The Fund may also 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. Some of the Fund's earnings may be subject to federal income tax and most may be subject to state and local taxes.

The Fund may also invest in industrial development bonds. Such bonds are usually revenue bonds issued to pay for facilities with a public purpose operated by private corporations. The credit quality of industrial development bonds is usually directly related to the credit standing of the owner or user of the facilities. Industrial development bonds issued after August 7, 1986, as well as certain other bonds, are now classified as "private activity bonds." Some, but not all, private activity bonds issued after that date qualify to pay tax-exempt interest.

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: In choosing investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

The Subadvisor uses active management in an effort to identify tax-exempt securities it believes to be mispriced and to 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.

Generally, the Fund will invest in distressed securities when the Subadvisor believes that such an investment offers significant potential for higher returns or can be exchanged for other securities that offer this potential. However, the Fund cannot guarantee that it will achieve these returns or that an issuer will make an exchange offer or emerge from bankruptcy.

The Subadvisor may sell a security if it no longer believes the security will contribute to meeting the investment objectives 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

NYLI MacKay High Yield Muni Bond Fund

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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

Tax Risk: 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.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

NYLI MacKay High Yield Muni Bond Fund

High-Yield Municipal Bond Risk: High-yield or non-investment grade municipal bonds may be subject to increased liquidity risk as compared to other high-yield debt securities. There may be little or no active trading market for certain high-yield municipal bonds, which may make it difficult for the Fund to sell such bonds at or near their perceived value. In such cases, the value of a high-yield municipal bond may decline dramatically, even during periods of declining interest rates. The high-yield municipal bonds in which the Fund intends to invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds.

Derivatives Risk: 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

NYLI MacKay High Yield Muni Bond Fund

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.

Past Performance

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 Bloomberg Municipal Bond Index to represent a broad measure of market performance. The table also includes the average annual returns of the Bloomberg High Yield Municipal Bond Index and High Yield Municipal Bond Composite Index, which are generally representative of the market sectors or types of investments in which the Fund invests. Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI MacKay High Yield Muni Bond Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:5.86,2016:1.53,2017:8.87,2018:4.32,2019:9.13,2020:5.43,2021:6.36,2022:-14.02,2023:9.55,2024:4.55)


Best Quarter
2023, Q4	10.18	%
Worst Quarter
2022, Q1	-7.22	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	3/31/2010	4.55	%	2.00	%	3.94	%
Return After Taxes on Distributions
Class I		4.37	%	1.87	%	3.82	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		4.28	%	2.27	%	3.88	%
Return Before Taxes
Class A	3/31/2010	1.16	%	0.82	%	3.20	%
Investor Class	3/31/2010	1.58	%	0.80	%	3.18	%
Class C	3/31/2010	2.50	%	0.99	%	2.89	%
Class R6	11/1/2019	4.61	%	2.06	%	2.14	%

Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg High Yield Municipal Bond Index²		6.32	%	2.66	%	4.28	%
High Yield Municipal Bond Composite Index³		4.19	%	2.02	%	3.48	%

2. The Bloomberg High Yield Municipal Bond Index is a flagship measure of the non-investment grade and non-rated U.S. dollar-denominated tax-exempt bond market.

3. The High Yield Municipal Bond Composite Index consists of the Bloomberg High Yield Municipal Bond Index and the Bloomberg Municipal Bond Index weighted 60%/40% respectively.

NYLI MacKay High Yield Muni Bond Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	John Loffredo, Executive Managing Director	Since 2010
	Robert DiMella, Executive Managing Director	Since 2010
	Michael Petty, Senior Managing Director	Since 2010
	David Dowden, Managing Director	Since 2014
	Frances Lewis, Senior Managing Director	Since 2017
	John Lawlor, Managing Director	Since 2024
	Michael Perilli, Director	Since 2024
	Ian France, Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

The Fund's distributions are generally expected to be exempt from federal income tax. However, a portion of the distributions may be subject to the alternative minimum tax. Additionally, the Fund may derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, generally will be taxable.

Compensation to Financial Intermediary Firms

NYLI MacKay New York Muni Fund

Investment Objective

The Fund seeks current income exempt from federal and New York state and, in some cases, New York local income taxes.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class C2		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.45	%	0.45	%	0.45	%	0.45	%	0.45	%	0.45	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	0.50	%	0.65	%	None		None
	Other Expenses	0.06	%	0.08	%	0.08	%	0.08	%	0.06	%	0.03	%
	Acquired (Underlying) Fund Fees and Expenses	0.01	%	0.01	%	0.01	%	0.01	%	0.01	%	0.01	%
	Total Annual Fund Operating Expenses	0.77	%	0.79	%	1.04	%	1.19	%	0.52	%	0.49	%
	Waivers / Reimbursements³	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	(0.01	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.76	%	0.78	%	1.03	%	1.18	%	0.51	%	0.49	%

2. The management fee is as follows: 0.45% on assets up to $1 billion; 0.43% on assets from $1 billion to $3 billion; and 0.42% on assets over $3 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 A shares do not exceed 0.75% of its average daily net assets. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points of the Class A shares waiver/reimbursement to other share classes, except Class R6. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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:


Expenses After	Class A	Investor	Class C		Class C2		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 375	$ 328	$ 105	$ 205	$ 120	$ 220	$ 52	$ 50
3 Years	$ 538	$ 495	$ 330	$ 330	$ 377	$ 377	$ 166	$ 157
5 Years	$ 714	$ 677	$ 573	$ 573	$ 653	$ 653	$ 290	$ 274
10 Years	$ 1,225	$ 1,203	$ 1,200	$ 1,200	$ 1,331	$ 1,331	$ 652	$ 616

NYLI MacKay New York Muni Fund

Portfolio Turnover

Principal Investment Strategies

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and New York income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of New York. 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 municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and New York income taxes.

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. The Fund generally invests in municipal bonds that have a maturity of five years or longer at the time of purchase.

If the supply of New York state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from New York income 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: In choosing investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

Principal Risks

NYLI MacKay New York Muni Fund

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

NYLI MacKay New York Muni Fund

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 or regions than others, which may increase the Fund’s exposure to losses resulting from economic, political or regulatory occurrences impacting these particular cities or regions.

Derivatives Risk: 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

NYLI MacKay New York Muni Fund

New York State Specific Risk: Because the Fund invests in municipal bonds issued by or on behalf of the State of New York, and its political subdivisions, agencies and instrumentalities, events in New York may affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of New York’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in New York.

Past Performance

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. The table also includes the average annual returns of the Bloomberg New York Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

NYLI MacKay New York Muni Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:4.73,2016:0.52,2017:5.83,2018:2.17,2019:7.72,2020:5.38,2021:3.95,2022:-12.02,2023:7.46,2024:2.46)


Best Quarter
2023, Q4	8.58	%
Worst Quarter
2022, Q1	-7.55	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	5/14/2012	2.46	%	1.19	%	2.67	%
Return After Taxes on Distributions
Class I		2.40	%	1.15	%	2.64	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		3.00	%	1.64	%	2.83	%
Return Before Taxes
Class A	5/14/2012	-0.96	%	0.00	%	1.93	%
Investor Class	5/14/2012	-0.37	%	0.00	%	1.92	%
Class C	5/14/2012	0.94	%	0.67	%	2.13	%
Class C2	8/31/2020	0.79	%	N/A		0.11	%
Class R6	11/1/2019	2.38	%	1.19	%	1.25	%

Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg New York Municipal Bond Index²		0.84	%	0.97	%	2.17	%

2. The Bloomberg New York Municipal Bond Index is a market value-weighted index of New York investment grade tax exempt fixed-rate municipal bonds with maturities of one year or more.

NYLI MacKay New York Muni Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	Robert DiMella, Executive Managing Director	Since 2012
	Michael Petty, Senior Managing Director	Since 2012
	Frances Lewis, Senior Managing Director	Since 2017
	Michael Denlinger, Managing Director	Since 2022
	Michael Perilli, Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $2,500 applies if you invest in Investor Class, Class C or Class C2 shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class, Class C and Class C2 shares. These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

The Fund's distributions are generally expected to be exempt from federal and New York state and, in some cases, New York local income tax. However, a portion of the distributions may be subject to the alternative minimum tax. Additionally, the Fund may derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, generally will be taxable.

Compensation to Financial Intermediary Firms

NYLI MacKay Oregon Muni Fund

Investment Objective

The Fund seeks current income exempt from federal and Oregon income taxes.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Class C		Class I		Class Z
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	None		None		3.00	%
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.45	%	0.45	%	0.45	%	0.45	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.50	%	None		0.15	%
	Other Expenses²	0.17	%	0.50	%	0.20	%	0.20	%
	Total Annual Fund Operating Expenses	0.87	%	1.45	%	0.65	%	0.80	%
	Waivers / Reimbursements³	(0.07	)%	(0.35	)%	(0.10	)%	(0.09	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.80	%	1.10	%	0.55	%	0.71	%

2. Other expenses are based on estimated amounts for the current fiscal year.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentages of its average daily net assets: Class A, 0.80%, Class C, 1.10%, Class I, 0.55% and Class Z, 0.71%. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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 Class A shares in years 9-10. 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:


Expenses After	Class A	Class C		Class I	Class Z
		Assuming no redemption	Assuming redemption at end of period
1 Year	$ 379	$ 112	$ 212	$ 56	$ 370
3 Years	$ 555	$ 388	$ 388	$ 187	$ 530
5 Years	$ 754	$ 724	$ 724	$ 342	$ 713
10 Years	$ 1,328	$ 1,515	$ 1,515	$ 791	$ 1,243

Portfolio Turnover

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 period, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.

NYLI MacKay Oregon Muni Fund

Principal Investment Strategies

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and Oregon income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of Oregon. Municipal bonds include 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 municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and Oregon income taxes.

If the supply of Oregon state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from Oregon income taxes.

The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

Investment Process: In selecting investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

Principal Risks

NYLI MacKay Oregon Muni Fund

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: 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 significantly 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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

NYLI MacKay Oregon Muni Fund

Derivatives may also increase the expenses of the Fund.

Oregon State Specific Risk: Because the Fund invests in municipal bonds issued by or on behalf of the State of Oregon, and its political subdivisions, agencies and instrumentalities, events in Oregon may affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of Oregon’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in Oregon.

Past Performance

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. The table also includes the average annual returns of the Bloomberg Municipal Bond Index 1-15 Yr. Blend, which is generally representative of the market sectors or types of investments in which the Fund invests.

NYLI MacKay Oregon Muni Fund

Effective July 19, 2024, the Aquila Tax-Free Trust of Oregon (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:2.97,2016:-0.22,2017:3.09,2018:0.72,2019:5.27,2020:4.37,2021:-0.37,2022:-6.14,2023:3.49,2024:0.45)


Best Quarter
2023, Q4	4.99	%
Worst Quarter
2022, Q1	-5.35	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	4/5/1996	0.45	%	0.29	%	1.31	%
Return After Taxes on Distributions
Class I		0.43	%	0.28	%	1.31	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		1.37	%	0.68	%	1.53	%
Return Before Taxes
Class C	4/5/1996	-1.33	%	-0.67	%	0.33	%
Class Z	6/16/1986	-2.72	%	-0.49	%	0.84	%
Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg Municipal Bond Index 1-15 Yr Blend²		0.88	%	1.08	%	2.04	%

NYLI MacKay Oregon Muni Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date


MacKay Shields LLC	Michael Denlinger, Managing Director	Since 2024


	David Dowden, Managing Director	Since 2024


	Scott Sprauer, Senior Managing Director	Since 2024


	Matthew Hage, Director	Since 2024


	Michael Perilli, Director	Since 2024

How to Purchase and Sell Shares

Tax Information

The Fund's distributions are generally expected to be exempt from federal and Oregon state income tax. However, a portion of the distributions may be subject to the alternative minimum tax. Additionally, the Fund may derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, generally will be taxable.

Compensation to Financial Intermediary Firms

100

NYLI MacKay Short Term Muni Fund

Investment Objective

The Fund seeks current income exempt from regular federal income tax.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $250,000 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Class A2		Investor Class		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	1.00	%	2.00	%	0.50	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	None	¹	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.35	%	0.35	%	0.35	%	0.35	%	0.35	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	0.25	%	None		None
	Other Expenses	0.08	%	0.08	%	0.70	%	0.08	%	0.04	%
	Total Annual Fund Operating Expenses	0.68	%	0.68	%	1.30	%	0.43	%	0.39	%
	Waivers / Reimbursements^3,4	0.00	%	0.00	%	(0.31	)%	(0.03	)%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements^3,4	0.68	%	0.68	%	0.99	%	0.40	%	0.39	%

1. 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 0.50% may be imposed on certain redemptions made within 12 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.

2. The management fee is as follows: 0.35% on assets up to $1 billion; 0.33% on assets from $1 billion up to $5 billion; and 0.32% on assets over $5 billion.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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) do not exceed the following percentages of its average daily net assets: Class A, 0.70%; Class A2, 0.70%; and Class I, 0.40%. New York Life Investments will apply an equivalent waiver or reimbursement, in an equal number of basis points as the Class A shares waiver/reimbursement to Investor Class shares. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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:


Expenses After	Class A	Class A2	Investor	Class I	Class R6
			Class
1 Year	$ 169	$ 268	$ 150	$ 41	$ 40
3 Years	$ 315	$ 413	$ 430	$ 135	$ 125
5 Years	$ 475	$ 571	$ 730	$ 238	$ 219
10 Years	$ 938	$ 1,030	$ 1,583	$ 539	$ 493

Portfolio Turnover

101

NYLI MacKay Short Term Muni Fund

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal debt securities, which include debt obligations issued by or on behalf of a government entity or other qualifying entity/issuer that pays interest that is, in the opinion of bond counsel to the issuers, 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). The Fund invests in an actively managed, diversified portfolio of tax-exempt municipal debt securities.

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. Municipal debt securities also 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. 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 invests in investment grade securities as rated by a nationally recognized statistical rating organization (“NRSRO”), such as rated BBB- Baa3 or better 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 a NRSRO, such as A-1 to A-2 or Prime-1 to Prime-2 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.

The Fund may also invest up to 10% of its net assets in taxable municipal debt securities.

The Fund's principal investments may have fixed, variable or floating interest rates and include: tax-exempt and taxable municipal securities; obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities; certificates of deposit, time deposits and bankers' acceptances issued by U.S. banks or savings and loan associations; and debt securities issued by corporate entities, governments and agencies, and supranational organizations. The Fund may also invest in municipal debt securities with special features, such as put rights, which allow the Fund to sell a security at a predetermined price. Normally, the Fund will have a dollar-weighted average maturity of three years or less.

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.

Investment Process: The Subadvisor seeks to allocate investments primarily across the tax-exempt debt market, but can also utilize the taxable debt markets. Allocations to the tax-exempt and taxable debt markets are based on the current economic environment, the level of absolute and relative yields, and the Subadvisor’s 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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

102

NYLI MacKay Short Term Muni Fund

securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the NAV of the Fund's shares and adversely affect the Fund and its investments.

Portfolio Management Risk: 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.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

103

NYLI MacKay Short Term Muni Fund

Tax Risk: 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.

104

NYLI MacKay Short Term Muni Fund

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.

Past Performance

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. The table also includes the average annual returns of the Bloomberg 3-Year Municipal Bond Index, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Effective June 1, 2015, the Fund changed, among other things, its investment objective and principal investment strategies. Effective May 22, 2018, the Fund made further changes to, among other things, its principal investment strategies. Effective February 28, 2019, the Fund changed its investment objective. The past performance in the bar chart and table reflects the Fund's prior investment objectives and principal investment strategies, as applicable.

105

NYLI MacKay Short Term Muni Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:1.14,2016:0.73,2017:1.29,2018:1.81,2019:2.52,2020:2.55,2021:0.41,2022:-3.28,2023:3.96,2024:2.67)


Best Quarter
2023, Q4	3.38	%
Worst Quarter
2022, Q1	-2.71	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/1991	2.67	%	1.23	%	1.36	%
Return After Taxes on Distributions
Class I		2.43	%	1.12	%	1.27	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		2.74	%	1.31	%	1.34	%
Return Before Taxes
Class A	1/2/2004	1.48	%	0.75	%	0.79	%
Class A2	9/30/2020	0.45	%	N/A		0.27	%
Investor Class	2/28/2008	1.56	%	0.45	%	0.41	%
Class R6	5/2/2022	2.80	%	N/A		2.68	%

Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg 3-Year Municipal Bond Index²		2.04	%	1.07	%	1.35	%

2. The Bloomberg 3-Year Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity range of 2-4 years.

106

NYLI MacKay Short Term Muni Fund

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	Robert DiMella, Executive Managing Director	Since 2015
	Scott Sprauer, Senior Managing Director	Since 2015
	Frances Lewis, Senior Managing Director	Since 2015
	David Dowden, Managing Director	Since 2015
	John Lawlor, Managing Director	Since 2019
	Sanjit Gill, Director	Since 2023

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, $15,000 for Class A or Class A2 shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class shares. However, for Investor Class shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A or Class A2 shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

107

NYLI MacKay Strategic Muni Allocation Fund

Investment Objective

The Fund seeks current income exempt from regular federal income tax.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class C2		Class I		Class R6		Class Z
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None		None		3.00	%
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	1.00	%	None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.40	%	0.40	%	0.40	%	0.40	%	0.40	%	0.40	%	0.40	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	0.50	%	0.65	%	None		None		0.15	%
	Other Expenses	0.10	%	0.14	%	0.13	%	0.13	%	0.10	%	0.05	%	0.11	%
	Total Annual Fund Operating Expenses	0.75	%	0.79	%	1.03	%	1.18	%	0.50	%	0.45	%	0.66	%

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:


Expenses After	Class A	Investor Class	Class C		Class C2		Class I	Class R6	Class Z
			Assuming no redemption	Assuming redemption at end of period	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 374	$ 329	$ 105	$ 205	$ 120	$ 220	$ 51	$ 46	$ 365
3 Years	$ 532	$ 496	$ 328	$ 328	$ 375	$ 375	$ 160	$ 144	$ 505
5 Years	$ 704	$ 678	$ 569	$ 569	$ 649	$ 649	$ 280	$ 252	$ 657
10 Years	$ 1,202	$ 1,203	$ 1,192	$ 1,192	$ 1,323	$ 1,323	$ 628	$ 567	$ 1,098

Portfolio Turnover

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus borrowings for investment purposes) in municipal bonds, the income from which is exempt from federal income tax. The Fund will seek to maintain a portfolio dollar-weighted average duration of 3 to 10

108

NYLI MacKay Strategic Muni Allocation Fund

years, although the Fund may invest in instruments of any duration or maturity. 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.

The Fund will invest, under normal circumstances, at least 65% of its net assets in investment grade quality bonds as rated by a nationally recognized statistical rating organization (“NRSRO”) (such as bonds rated BBB- or higher, or Baa3 or higher), or if unrated, judged to be of comparable quality by MacKay Shields LLC, the Fund's Subadvisor. The Fund may invest up to 35% of its net assets in municipal bonds rated below investment grade by an NRSRO, commonly referred to as “high yield” or “junk” bonds, including up to 10% of its net assets in municipal bonds that are the subject of bankruptcy proceedings, that are in default as to the payment of principal or interest, or that are rated in the lowest rating category by an NRSRO (such as bonds rated D) (“distressed securities”), or if unrated, judged to be of comparable quality by the Subadvisor. 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 not invest more than 20% of its net assets in investments subject to the federal alternative minimum tax. 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 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).

The Fund may invest in privately issued securities.

The Fund may invest in 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 seeking to achieve 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 seek to achieve the Fund's investment objective, to enhance the Fund's investment return and to hedge the portfolio against adverse effects from movements in interest rates and in the securities markets.

The Subadvisor’s investment process includes a risk analysis that gives consideration to a variety of security-specific risks, with respect to municipal bonds, including environmental, social and governance (“ESG”) risks. “ESG risks” are defined as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the investment. Certain ESG factors may be more relevant for certain sectors or issuers than others. Factors considered by the Subadvisor may include an issuer’s exposure to or management of climate risk, energy resources, community and/or employee relations, demographic shifts, cybersecurity, regulation and financial management of policies and procedures. In addition to proprietary research, the Subadvisor may use screening tools such as those provided by third-party service providers 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, industries or individual issuers are explicitly excluded from the Fund.

On an ongoing basis, the Subadvisor meets to discuss and, where necessary, make changes to the Fund’s portfolio allocations. Typically, the Subadvisor considers a number of factors including overall market conditions, and the economic, technical, fundamental and regulatory factors that influence the relative value of municipal securities. In addition to setting target guidelines with respect to yield curve positioning, quality distribution, sector weights and individual security exposures, the Subadvisor will establish the Fund’s target allocation between investment grade municipal securities and high yield municipal securities. The asset allocation decision is based on the Subadvisor’s subjective assessment of the risk-adjusted expected returns of investment grade securities and high yield municipal securities over the next twelve to eighteen months.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

109

NYLI MacKay Strategic Muni Allocation Fund

Portfolio Management Risk: 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.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

110

NYLI MacKay Strategic Muni Allocation Fund

municipal bonds, which may make it difficult for the Fund to sell such bonds at or near their perceived value. In such cases, the value of a high-yield municipal bond may decline dramatically, even during periods of declining interest rates. The high-yield municipal bonds in which the Fund intends to invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds.

Tax Risk: 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.

111

NYLI MacKay Strategic Muni Allocation Fund

Derivatives may also increase the expenses of the Fund.

Past Performance

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. The table also includes the average annual returns of the Bloomberg Municipal Bond Index 1-15 Yr Blend, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.Because it has less than one calendar year of performance, performance data is not shown for Class Z shares. The following bar chart and table reflect the performance for Class I shares of the Fund. The performance of Class Z shares would be similar to Class A shares of the Fund because all share classes are invested in the same portfolio of securities and would differ only to the extent that Class Z shares have different expenses.

Effective November 30, 2021, the Fund made changes to its principal investment strategies. The performance in the bar chart and table prior to this date reflects the Fund’s prior principal investment strategies.

112

NYLI MacKay Strategic Muni Allocation Fund

Annual Returns, Class I Shares

(by calendar year 2020-2024)

PerformanceBarChartData(2020:4.71,2021:2.6,2022:-6.83,2023:6.22,2024:2.3)


Best Quarter
2023, Q4	5.68	%
Worst Quarter
2022, Q1	-5.36	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	6/28/2019	2.30	%	1.69	%	2.00	%
Return After Taxes on Distributions
Class I		2.25	%	1.61	%	1.90	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		2.86	%	1.92	%	2.14	%
Return Before Taxes
Class A	6/28/2019	-0.92	%	0.55	%	0.94	%
Investor Class	6/28/2019	-0.54	%	0.37	%	0.76	%
Class C	6/28/2019	0.88	%	1.04	%	1.35	%
Class C2	12/13/2022	0.61	%	N/A		3.09	%
Class R6	6/28/2019	2.45	%	1.72	%	2.02	%

Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	1.32	%
Bloomberg Municipal Bond Index 1-15 Yr Blend²		0.88	%	1.08	%	1.33	%

113

NYLI MacKay Strategic Muni Allocation Fund

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.

Management


Subadvisor	Portfolio Managers	Service Date


MacKay Shields LLC	Robert DiMella, Executive Managing Director	Since 2019


	Michael Petty, Senior Managing Director	Since 2019


	Frances Lewis, Senior Managing Director	Since 2019


	David Dowden, Managing Director	Since 2019


	John Lawlor, Managing Director	Since 2019


	Michael Denlinger, Managing Director	Since 2021


	Sanjit Gill, Director	Since 2023


	Matthew Hage, Director	Since 2024

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Class Z shares are generally only available to existing holders of Class Z shares of the Fund. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C shares, Class C2 or Class Z shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class, Class C and Class C2 shares. However, for Investor Class, Class C and Class C2 shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and Class Z shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

114

NYLI MacKay Tax Free Bond Fund

Investment Objective

The Fund seeks current income exempt from regular federal income tax.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class C2		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.41	%	0.41	%	0.41	%	0.41	%	0.41	%	0.41	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	0.50	%	0.65	%	None		None
	Other Expenses	0.08	%	0.11	%	0.12	%	0.12	%	0.08	%	0.02	%
	Total Annual Fund Operating Expenses	0.74	%	0.77	%	1.03	%	1.18	%	0.49	%	0.43	%

2. 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.

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:


Expenses After	Class A	Investor	Class C		Class C2		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 373	$ 327	$ 105	$ 205	$ 120	$ 220	$ 50	$ 44
3 Years	$ 529	$ 490	$ 328	$ 328	$ 375	$ 375	$ 157	$ 138
5 Years	$ 699	$ 667	$ 569	$ 569	$ 649	$ 649	$ 274	$ 241
10 Years	$ 1,191	$ 1,180	$ 1,186	$ 1,186	$ 1,318	$ 1,318	$ 616	$ 542

Portfolio Turnover

115

NYLI MacKay Tax Free Bond Fund

Principal Investment Strategies

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”). 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.

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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

116

NYLI MacKay Tax Free Bond Fund

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.

Tax Risk: 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.

Derivatives Risk: 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.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

117

NYLI MacKay Tax Free Bond Fund

118

NYLI MacKay Tax Free Bond Fund

Past Performance

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:4.21,2016:0.7,2017:5.77,2018:1.75,2019:7.84,2020:6.45,2021:2.3,2022:-10.23,2023:6.63,2024:1.6)


Best Quarter
2023, Q4	7.77	%
Worst Quarter
2022, Q1	-6.72	%

119

NYLI MacKay Tax Free Bond Fund

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	12/21/2009	1.60	%	1.15	%	2.58	%
Return After Taxes on Distributions
Class I		1.54	%	1.11	%	2.55	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		2.45	%	1.60	%	2.73	%
Return Before Taxes
Class A	1/3/1995	-1.59	%	-0.02	%	1.85	%
Investor Class	2/28/2008	-1.24	%	-0.07	%	1.83	%
Class C	9/1/1998	0.07	%	0.60	%	2.06	%
Class C2	8/31/2020	-0.08	%	N/A		-0.23	%
Class R6	11/1/2019	1.65	%	1.19	%	1.26	%

Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%

Management


Subadvisor	Portfolio Managers	Service Date

MacKay Shields LLC	John Loffredo, Executive Managing Director	Since 2009
	Robert DiMella, Executive Managing Director	Since 2009
	Michael Petty, Senior Managing Director	Since 2011
	David Dowden, Managing Director	Since 2014
	Scott Sprauer, Senior Managing Director	Since 2014
	Frances Lewis, Senior Managing Director	Since 2014
	Michael Denlinger, Managing Director	Since 2021

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class, Class C or Class C2 shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class, Class C and Class C2 shares. However, for Investor Class, Class C and Class C2 shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

120

NYLI MacKay Tax Free Bond Fund

on the policies, procedures and trading platforms of the financial intermediary. Consult a representative of your financial intermediary about the availability of shares of the Fund and the intermediary's policies, procedures and other information.

Tax Information

Compensation to Financial Intermediary Firms

121

NYLI MacKay Utah Muni Fund

Investment Objective

The Fund seeks current income exempt from federal and Utah income taxes.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Class C		Class I		Class Z
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	None		None		3.00	%
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)	0.45	%	0.45	%	0.45	%	0.45	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.50	%	None		0.20	%
	Other Expenses²	0.15	%	0.59	%	0.30	%	0.31	%
	Total Annual Fund Operating Expenses	0.85	%	1.54	%	0.75	%	0.96	%
	Waivers / Reimbursements³	(0.05	)%	(0.44	)%	(0.20	)%	(0.06	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.80	%	1.10	%	0.55	%	0.90	%

2. Other expenses are based on estimated amounts for the current fiscal year.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 a class do not exceed the following percentages of its average daily net assets: Class A, 0.80%, Class C, 1.10%, Class I, 0.55% and Class Z, 0.90%. This agreement will remain in effect until February 28, 2027, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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 Class A shares in years 9-10. 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:


Expenses After	Class A	Class C		Class I	Class Z
		Assuming no redemption	Assuming redemption at end of period
1 Year	$ 379	$ 112	$ 212	$ 56	$ 389
3 Years	$ 553	$ 398	$ 398	$ 199	$ 585
5 Years	$ 747	$ 754	$ 754	$ 376	$ 803
10 Years	$ 1,308	$ 1,570	$ 1,570	$ 892	$ 1,432

Portfolio Turnover

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 period, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

122

NYLI MacKay Utah Muni Fund

Principal Investment Strategies

The Fund, under normal circumstances, invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in municipal bonds, whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and Utah income taxes. These obligations are issued by the State of Utah, its counties and various other local authorities, certain other governmental issuers, and by other states and entities that do not tax interest from obligations issued by the State of Utah. These obligations also include obligations issued by other states, the interest on which is exempt, in the opinion of bond counsel or other appropriate counsel, from regular Federal income tax and, pursuant to Utah statutory authority, from Utah individual (but not corporate) income taxes. Municipal bonds of states other than Utah will not be treated as qualifying for the purposes of the 80% policy, to the extent the interest on the municipal bond is not exempt from Utah income tax. Under normal circumstances, at least 50% of the Fund’s assets will consist of obligations of Utah-based issuers. The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”).

Municipal bonds are generally debt obligations issued by or on behalf of states, territories and possessions of the United States, and their political subdivisions, agencies and instrumentalities that provide income free from federal, state and potentially local income taxes. If the interest on a particular municipal bond is exempt from federal and Utah income taxes, the Fund will treat the bond as qualifying for purposes of the 80% policy even though the issuer of the bond may be located outside of Utah. Municipal bonds include 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 municipal bonds subject to the federal alternative minimum tax, and municipal bonds that pay interest that is subject to federal and Utah income taxes.

If the supply of Utah state tax exempt municipal bonds is insufficient to meet the Fund’s investment needs, the Fund may invest in municipal bonds issued by other states. Municipal bonds issued by other states purchased by the Fund will generally be exempt from federal income taxes, but may not be exempt from Utah income taxes.

The Fund may invest in futures, options and swap agreements to seek enhanced returns or to reduce the risk of loss by hedging certain of its holdings.

Investment Process: In selecting investments, the Subadvisor analyzes the credit quality of issuers and considers the yields available on municipal bonds with different maturities.

123

NYLI MacKay Utah Muni Fund

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Portfolio Management Risk: 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 significantly 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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

· General Obligation Bonds Risk—timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base;

124

NYLI MacKay Utah Muni Fund

125

NYLI MacKay Utah Muni Fund

Derivatives may also increase the expenses of the Fund.

Utah State Specific Risk: Because the Fund invests in municipal bonds issued by or on behalf of the State of Utah, and its political subdivisions, agencies and instrumentalities, events in Utah may affect the Fund’s investments and performance. These events may include fiscal or political policy changes, tax base erosion, budget deficits and other financial difficulties. Any deterioration of Utah’s fiscal situation and economic situation of its municipalities could cause greater volatility and increase the risk of investing in Utah.

126

NYLI MacKay Utah Muni Fund

Past Performance

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. The table also includes the average annual returns of the Bloomberg Municipal Bond Index 1-15 Yr. Blend, which is generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.Because it has less than one calendar year of performance, performance data is not shown for Class A shares. The following bar chart and table reflect the performance for Class I shares of the Fund. The performance of Class A shares would be similar to the other shares classes of the Fund because all share classes are invested in the same portfolio of securities and would differ only to the extent that Class A shares have different expenses.

Effective July 19, 2024, the Aquila Tax-Free Trust for Utah (the "Predecessor Fund") was reorganized into the Fund. As accounting successor to the Predecessor Fund, the Fund has assumed the Predecessor Fund's historical performance. Therefore, the performance information shown below includes that of the Predecessor Fund, which had a different fee structure from the Fund. The returns of the Predecessor Fund have not been adjusted to reflect the applicable expenses of the Fund.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:3.23,2016:0.39,2017:4.57,2018:0.89,2019:6.03,2020:4.19,2021:0.64,2022:-7.25,2023:4.14,2024:1.08)


Best Quarter
2023, Q4	5.82	%
Worst Quarter
2022, Q1	-5.65	%

127

NYLI MacKay Utah Muni Fund

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	5/21/1996	1.08	%	0.47	%	1.73	%
Return After Taxes on Distributions
Class I		1.04	%	0.46	%	1.71	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		1.85	%	0.90	%	1.92	%
Return Before Taxes
Class C	5/21/1996	-0.71	%	-0.46	%	0.75	%
Class Z	7/24/1992	-2.18	%	-0.33	%	1.22	%
Bloomberg Municipal Bond Index¹		1.05	%	0.99	%	2.25	%
Bloomberg Municipal Bond Index 1-15 Yr Blend²		0.88	%	1.08	%	2.04	%

Management


Subadvisor	Portfolio Managers	Service Date


MacKay Shields LLC	Michael Denlinger, Managing Director	Since 2024


	David Dowden, Managing Director	Since 2024


	Scott Sprauer, Senior Managing Director	Since 2024


	Matthew Hage, Director	Since 2024


	Michael Perilli, Director	Since 2024

How to Purchase and Sell Shares

128

NYLI MacKay Utah Muni Fund

Tax Information

The Fund's distributions are generally expected to be exempt from federal and Utah state income tax. However, a portion of the distributions may be subject to the alternative minimum tax. Additionally, the Fund may derive taxable income and/or capital gains. Distributions to shareholders of any such taxable income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, generally will be taxable.

Compensation to Financial Intermediary Firms

129

NYLI Money Market Fund

Investment Objective

The Fund seeks a high level of current income while preserving capital and maintaining liquidity.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund.


	Class A		Investor Class		Class C		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	None		None		None		None
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None		None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees (as an annual percentage of the Fund's average daily net assets)¹	0.40	%	0.40	%	0.40	%	0.40	%
Distribution and/or Service (12b-1) Fees	None		None		None		None
Other Expenses	0.12	%	0.49	%	0.49	%	0.07
Total Annual Fund Operating Expenses	0.52	%	0.89	%	0.89	%	0.47	%
Waivers / Reimbursements²	0.00	%	(0.09	)%	(0.09	)%	0.00	%
Total Annual Fund Operating Expenses After Waivers / Reimbursements²	0.52	%	0.80	%	0.80	%	0.47	%

1. 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.

2. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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) 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

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:


Expenses After	Class A	Investor	Class C	SIMPLE
		Class		Class
1 Year	$ 53	$ 82	$ 82	$ 48
3 Years	$ 167	$ 275	$ 275	$ 151
5 Years	$ 291	$ 484	$ 484	$ 263
10 Years	$ 653	$ 1,088	$ 1,088	$ 591

Principal Investment Strategies

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.

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.

130

NYLI Money Market Fund

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.

Investment Process: 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.

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.

Principal Risks

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.

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

Stable Net Asset Value Risk: 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.

Money Market Risk: 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.

131

NYLI Money Market Fund

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. Low interest rates (or negative interest rates) may magnify the risks associated with rising interest rates. 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, political, public health, and other crises and responses by governments and companies to such crises.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

Past Performance

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 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.

132

NYLI Money Market Fund

For current yield information, call toll-free: 800-624-6782.

Annual Returns, Class A Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:0.01,2016:0.03,2017:0.45,2018:1.39,2019:1.74,2020:0.26,2021:0.01,2022:1.28,2023:4.68,2024:4.86)


Best Quarter
2023, Q4	1.25	%
Worst Quarter
2024, Q3	0.00	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Class A	1/3/1995	4.86	%	2.20	%	1.45	%
Investor Class	2/28/2008	4.55	%	2.03	%	1.31	%
Class C	9/1/1998	4.55	%	2.03	%	1.31	%
SIMPLE Class	8/31/2020	4.89	%	N/A		2.44	%
7-day current yield Class A: 4.05% Investor Class: 3.77% Class C: 3.77% SIMPLE Class: 4.02%
Average Lipper Money Market Fund¹
(reflects no deductions for fees and taxes)		4.92	%	2.28	%	1.56	%

1. 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.

Management

New York Life Investment Management LLC serves as the Manager. NYL Investors LLC serves as the Subadvisor.

How to Purchase and Sell Shares

Investments in the Fund are limited to accounts beneficially owned by natural persons. The Fund will deny purchases of Fund shares to investors that do not satisfy the eligibility requirements to invest in a retail money market fund (i.e., investors who are not natural persons).

133

NYLI Money Market Fund

These initial investment minimum and subsequent purchase amounts also apply to Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan. Class A shares have no subsequent investment minimum. SIMPLE Class shares have no initial or subsequent investment minimums.

As a “retail money market fund,” the Fund has adopted policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons. In order to limit beneficial owners of the Fund to natural persons, the Fund may involuntarily redeem investors that do not satisfy the eligibility requirements for a “retail money market fund.” Neither the Fund, the Manager nor the Subadvisor will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.

Tax Information

Compensation to Financial Intermediary Firms

134

NYLI Balanced Fund

Investment Objective

The Fund seeks total return.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.65	%	0.65	%	0.65	%	0.65	%	0.65	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None
	Other Expenses	0.16	%	0.53	%	0.53	%	0.16	%	0.07	%
	Acquired (Underlying) Fund Fees and Expenses	0.02	%	0.02	%	0.02	%	0.02	%	0.02	%
	Total Annual Fund Operating Expenses	1.08	%	1.45	%	2.20	%	0.83	%	0.74	%
	Waivers / Reimbursements³	0.00	%	(0.11	)%	(0.11	)%	0.00	%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	1.08	%	1.34	%	2.09	%	0.83	%	0.74	%

2. The management fee is as follows: 0.65% on assets up to $1 billion; 0.625% on assets from $1 billion to $2 billion; and 0.60% on assets over $2 billion.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 407	$ 383	$ 212	$ 312	$ 85	$ 76
3 Years	$ 633	$ 687	$ 678	$ 678	$ 265	$ 237
5 Years	$ 878	$ 1,012	$ 1,170	$ 1,170	$ 460	$ 411
10 Years	$ 1,578	$ 1,933	$ 2,336	$ 2,336	$ 1,025	$ 918

Portfolio Turnover

135

NYLI Balanced Fund

Principal Investment Strategies

The Fund invests approximately 60% of its assets (net assets plus any borrowings for investment purposes) in stocks and 40% of its assets in fixed-income securities (such as bonds) and cash equivalents. Although this 60/40 ratio may vary, under normal market conditions, the Fund has adopted a fundamental policy that it will be a "balanced" fund. This fundamental policy cannot be changed without the approval of the Fund's shareholders. As a "balanced" fund, the Fund will invest at least 25% of the value of its assets (net assets plus any borrowings for investment purposes) in fixed-income securities. Asset allocation decisions are made by New York Life Investment Management LLC, the Fund’s Manager, based on its tactical view of the market. The Fund may invest in exchange-traded funds (“ETFs”), including ETFs advised by affiliates of the Manager and ETFs advised by unaffiliated advisers, to facilitate rebalancing the Fund’s allocation between equity and fixed-income exposures.

The Fund may invest up to 20% of its net assets in foreign securities, but only in such securities that NYL Investors LLC (“NYL Investors”), the Subadvisor for the fixed-income portion of the Fund, and Wellington Management Company LLP (“Wellington”), the Subadvisor for the equity portion of the Fund, select in accordance with each Subadvisor's investment process described below. The Fund may also invest in derivatives, such as futures and options, to try to enhance returns or reduce the risk of loss by hedging certain of its holdings.

Under normal market conditions, the Subadvisors seek to keep the portfolio fully invested rather than taking temporary cash positions with respect to their portions of the Fund's assets. The Subadvisors will sell a security if it becomes relatively overvalued, if better opportunities are identified, or if they determine that the initial investment expectations are not being met.

Equity Investment Process: Wellington invests in equity securities issued by companies of any size or market capitalization range. While Wellington does not limit its investments to issuers within a particular capitalization range, it generally invests in large capitalization companies (as represented by the market cap range of the Russell 1000^® Index, which ranged from $159 million to $3.8 trillion as of December 31, 2024). Wellington may invest in securities of foreign issuers, including emerging market 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. Wellington defines emerging market countries as those countries that are included in the MSCI Emerging Markets Index.

Wellington 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. Wellington 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 (earning before interest, taxes, depreciation and amortization). Wellington may sell stocks when Wellington’s target price is achieved, Wellington’s fundamental outlook with respect to the stock has changed, or in the event Wellington believes more attractive investment alternatives exist.

To better assess strategic business issues that impact the performance of a company, Wellington may also give consideration to financially material environmental, social and/or governance (“ESG”) factors. Wellington 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.

Fixed-Income Investment Process: NYL Investors generally invests in U.S. government securities, mortgage-backed securities, asset-backed securities and investment grade corporate bonds. NYL Investors selects fixed-income securities based on their credit quality, duration and price. The fixed-income portion of the portfolio normally has an intermediate term duration that ranges from three to five 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. For example, the market price of a debt security with a duration of four years would be expected to fall approximately 4% if interest rates rose by one percentage point immediately. The Fund typically invests in investment grade securities, as rated by a nationally recognized statistical rating organization when purchased, or if unrated, determined by NYL Investors to be of comparable quality.

NYL Investors’ 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, NYL Investors may use third-party ESG data to compare internal views with external perspectives.

The Fund's investments may include variable rate notes, floating rate notes and mortgage-related securities (including mortgage-backed) securities, which are debt securities whose values are based on underlying pools of mortgages, and asset-backed securities, which are debt securities whose values are based on underlying pools of credit receivables.

Principal Risks

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.

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

136

NYLI Balanced Fund

Multi-Manager Risk: 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.

A Subadvisor may underperform the market generally and may underperform other subadvisors that the Manager could have selected.

Portfolio Management Risk: The investment strategies, practices and risk analyses used by the Subadvisors may not produce the desired results or expected returns. The Subadvisors 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 significantly 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.

Conflicts of Interest: Potential conflicts of interest situations could arise. For example, New York Life Investments may be subject to potential conflicts of interest in selecting or allocating assets among the Fund’s underlying ETFs (the “Underlying ETFs”) because New York Life Investments receives fees from affiliated Underlying ETFs and not from other Underlying ETFs. In addition, the Fund’s portfolio managers may also serve as portfolio managers to one or more affiliated Underlying ETFs and may have an incentive to select certain affiliated Underlying ETFs due to compensation considerations or to support new investment strategies or cash flow needs of affiliated Underlying ETFs. Moreover, a situation could occur where the best interests of the Fund could be adverse to the best interests of an affiliated Underlying ETF or vice versa. New York Life Investments will analyze any such situation and take all steps it believes to be necessary to minimize and, where possible, eliminate potential conflicts.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

Value Stock Risk: 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.

137

NYLI Balanced Fund

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.

Derivatives may also increase the expenses of the Fund.

138

NYLI Balanced Fund

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.

Portfolio Turnover Risk: 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.

Past Performance

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 three 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^® Index to represent a broad measure of market performance. The table also includes the average annual returns of the Russell 1000^® Value Index, Bloomberg U.S. Intermediate Government/Credit Bond Index and Balanced Bond Composite Index, which are generally representative of the market sectors or types of investments in which the Fund invests.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

139

NYLI Balanced Fund

The Fund’s equity subadvisor changed effective January 1, 2018 due to an organizational restructuring whereby all investment personnel of Cornerstone Capital Management Holdings LLC, the former equity subadvisor, transitioned to MacKay Shields LLC.

Effective March 5, 2021, the Fund replaced the subadvisor to the equity portion of the Fund 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 for the equity portion of the Fund.

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-2.71,2016:10.13,2017:9.87,2018:-7.51,2019:16.68,2020:7.73,2021:16.89,2022:-5.79,2023:7.4,2024:7.74)


Best Quarter
2020, Q2	12.51	%
Worst Quarter
2020, Q1	-16.33	%

140

NYLI Balanced Fund

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	5/1/1989	7.74	%	6.54	%	5.72	%
Return After Taxes on Distributions
Class I		5.88	%	4.35	%	3.81	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		5.28	%	4.45	%	3.94	%
Return Before Taxes
Class A	1/2/2004	4.28	%	5.63	%	4.86	%
Investor Class	2/28/2008	4.53	%	5.36	%	4.64	%
Class C	12/30/2002	5.42	%	5.21	%	4.45	%
Class R6	12/15/2017	7.86	%	6.63	%	5.94	%

Russell 3000^® Index¹		23.81	%	13.86	%	12.55	%
Russell 1000^® Value Index²		14.37	%	8.68	%	8.49	%
Bloomberg U.S. Intermediate Government/Credit Bond Index³		3.00	%	0.86	%	1.71	%
Balanced Composite Index⁴		9.86	%	5.88	%	6.03	%

1. The Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market.

3. The Bloomberg U.S. Intermediate Government/Credit Bond Index measures the performance of U.S. dollar-denominated U.S. treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than one year and less than ten years.

4. The Balanced Composite Index consists of the Russell 1000^® Value Index and the Bloomberg U.S. Intermediate Government/Credit Bond Index weighted 60%/40%, respectively.

Management

New York Life Investment Management LLC serves as the Manager and oversees the investment portfolio of the Fund. NYL Investors LLC serves as a Subadvisor and is responsible for day-to-day portfolio management of the fixed-income portion of the Fund. Wellington Management Company LLP serves as a Subadvisor and is responsible for day-to-day portfolio management of the equity portion of the Fund.


Manager/Subadvisors	Portfolio Managers	Service Date

New York Life Investment Management LLC	Jae S. Yoon, Senior Managing Director	Since 2011
	Jonathan Swaney, Managing Director	Since 2017
NYL Investors LLC	Kenneth Sommer, Managing Director	Since 2017
	Matthew Downs, Senior Director	Since 2023
Wellington Management Company LLP	Adam H. Illfelder, Senior Managing Director and Equity Portfolio Manager	Since 2021
	Betsy M. George, Managing Director and Equity Research Analyst	Since February 2025
	Ravi Gill, Managing Director and Equity Research Analyst	Since February 2025

How to Purchase and Sell Shares

Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). Class R6 shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund or (ii) through certain private banks and trust companies that have an agreement with NYLIFE

141

NYLI Balanced Fund

Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments' systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

142

NYLI Income Builder Fund

Investment Objective

The Fund seeks current income consistent with reasonable opportunity for future growth of capital and income.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I		Class R6		SIMPLE Class
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	3.00	%	2.50	%	None		None		None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None		None		None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.63	%	0.63	%	0.63	%	0.63	%	0.63	%	0.63	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None		None		0.50	%
	Other Expenses	0.14	%	0.42	%	0.43	%	0.14	%	0.05	%	0.14	%
	Total Annual Fund Operating Expenses	1.02	%	1.30	%	2.06	%	0.77	%	0.68	%	1.27	%
	Waivers / Reimbursements³	0.00	%	(0.02	)%	(0.03	)%	0.00	%	0.00	%	0.00	%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	1.02	%	1.28	%	2.03	%	0.77	%	0.68	%	1.27	%

2. 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 Investments”) under a separate fund accounting agreement. This fund accounting services fee amounted to 0.01% of the Fund's average daily net assets.

3. New York Life Investments 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, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

Example


Expenses After	Class A	Investor	Class C		Class I	Class R6	SIMPLE
		Class	Assuming no redemption	Assuming redemption at end of period			Class
1 Year	$ 401	$ 377	$ 206	$ 306	$ 79	$ 69	$ 129
3 Years	$ 615	$ 650	$ 643	$ 643	$ 246	$ 218	$ 403
5 Years	$ 846	$ 943	$ 1,106	$ 1,106	$ 428	$ 379	$ 697
10 Years	$ 1,510	$ 1,777	$ 2,192	$ 2,192	$ 954	$ 847	$ 1,534

Portfolio Turnover

143

NYLI Income Builder Fund

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 41% of the average value of its portfolio.

Principal Investment Strategies

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.

Asset Allocation Investment Process: Asset allocation decisions are made by a Committee chaired by New York Life Investments, 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.

Equity Investment Process: 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.

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.

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.

Fixed-Income Investment Process: 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."

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.

The Fund maintains a flexible approach by investing in a broad range of securities, which may be diversified by company, industry and type.

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.

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.

Investments Across the Fund: 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.

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

144

NYLI Income Builder Fund

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.

Principal Risks

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.

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

A Subadvisor may underperform the market generally and may underperform other subadvisors that the Manager could have selected.

MacKay Shields may be subject to potential conflicts of interest in allocating the Portfolio’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.

Portfolio Management Risk: 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 significantly 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.

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

145

NYLI Income Builder Fund

magnify the risks associated with rising interest rates. 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, political, public health, and other crises and responses by governments and companies to such crises.

146

NYLI Income Builder Fund

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”).

Mortgage-Related and Other Asset-Backed Securities Risk: 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, 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.

147

NYLI Income Builder Fund

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.

Past Performance

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.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

148

NYLI Income Builder Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-3.51,2016:9.42,2017:12.37,2018:-5.35,2019:18.4,2020:7.25,2021:10.28,2022:-13.31,2023:9.81,2024:11.53)


Best Quarter
2020, Q2	10.31	%
Worst Quarter
2020, Q1	-14.02	%

Average Annual Total Returns (for the periods ended December 31, 2024)


						10 Years or
	Inception	1 Year		5 Years		Since
						Inception
Return Before Taxes
Class I	1/2/2004	11.53	%	4.66	%	5.26	%
Return After Taxes on Distributions
Class I		10.36	%	3.42	%	3.79	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		7.11	%	3.26	%	3.67	%
Return Before Taxes
Class A	1/3/1995	7.89	%	3.77	%	4.40	%
Investor Class	2/28/2008	8.20	%	3.55	%	4.23	%
Class C	9/1/1998	9.10	%	3.40	%	4.03	%
Class R6	2/28/2018	11.62	%	4.75	%	5.68	%
SIMPLE Class	8/31/2020	10.95	%	N/A		4.71	%

MSCI World Index (Net)¹		18.67	%	11.17	%	9.95	%
Bloomberg U.S. Aggregate Bond Index²		1.25	%	-0.33	%	1.35	%
Blended Benchmark Index³		11.45	%	6.72	%	6.67	%

1. 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.

2. 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.

3. The Blended Benchmark Index is comprised of the MSCI World Index (Net) and the Bloomberg U.S. Aggregate Bond Index weighted 60%/40%.

149

NYLI Income Builder Fund

Management

New York Life Investment Management LLC serves as the Manager. Epoch Investment Partners, Inc. serves as a Subadvisor and is responsible for day-to-day portfolio management of the equity portion of the Fund. MacKay Shields LLC serves as a Subadvisor and is responsible for day-to-day portfolio management of the fixed-income portion of the Fund. Asset allocation decisions are made by a Committee chaired by New York Life Investment Management LLC, in collaboration with MacKay Shields LLC.


Manager/Subadvisors	Portfolio Managers	Service Date

New York Life Investment Management LLC	Jae S. Yoon, Senior Managing Director	Since 2018
	Jonathan Swaney, Managing Director	Since 2018
MacKay Shields LLC	Neil Moriarty, III, Senior Managing Director	Since 2018
	Michael DePalma, Managing Director	Since 2023
	Lesya Paisley, Director	Since February 2025
	Cameron White, Managing Director	Since February 2025
	Zachary Aronson, Director	Since February 2025
Epoch Investment Partners, Inc.	Kera Van Valen, Managing Director	Since 2014
	Michael Jin, Managing Director	Since 2024
	Lin Lin, Managing Director	Since 2014

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Class R6 shares are generally only available to certain retirement plans invested in the Fund through omnibus accounts (either at the plan level or omnibus accounts held on the books of the Fund). SIMPLE Class shares are generally only available to SIMPLE IRA Plan accounts. Class R6 and SIMPLE Class shares are generally not available to retail accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class , Class C or SIMPLE Class shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A and SIMPLE Class shares have no subsequent investment minimum. Class R6 shares and institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

150

NYLI MacKay Convertible Fund

Investment Objective

The Fund seeks capital appreciation together with current income.

Fees and Expenses of the Fund

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. 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. 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 196 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 147 of the Statement of Additional Information.


		Class A		Investor Class		Class C		Class I
Shareholder Fees (fees paid directly from your investment)
	Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)	5.50	%	5.00	%	None		None
	Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds)	None	¹	None	¹	1.00	%	None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
	Management Fees (as an annual percentage of the Fund's average daily net assets)²	0.55	%	0.55	%	0.55	%	0.55	%
	Distribution and/or Service (12b-1) Fees	0.25	%	0.25	%	1.00	%	None
	Other Expenses	0.14	%	0.38	%	0.38	%	0.14	%
	Total Annual Fund Operating Expenses	0.94	%	1.18	%	1.93	%	0.69	%
	Waivers / Reimbursements³	0.00	%	0.00	%	0.00	%	(0.08	)%
	Total Annual Fund Operating Expenses After Waivers / Reimbursements³	0.94	%	1.18	%	1.93	%	0.61	%

2. 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.

3. New York Life Investment Management LLC ("New York Life Investments") has contractually agreed to 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 I shares do not exceed 0.61% of its average daily net assets. This agreement will remain in effect until February 28, 2026, and thereafter shall renew automatically for one-year terms unless New York Life Investments 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.

Example


Expenses After	Class A	Investor	Class C		Class I
		Class	Assuming no redemption	Assuming redemption at end of period
1 Year	$ 641	$ 614	$ 196	$ 296	$ 62
3 Years	$ 833	$ 856	$ 606	$ 606	$ 213
5 Years	$ 1,041	$ 1,117	$ 1,042	$ 1,042	$ 376
10 Years	$ 1,641	$ 1,860	$ 2,059	$ 2,059	$ 851

Portfolio Turnover

151

NYLI MacKay Convertible Fund

Principal Investment Strategies

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. 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.

Investment Process: 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.

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.

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.

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.

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.

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.

Principal Risks

The principal risks of investing in the Fund are summarized below. The relative significance of each principal risk summarized below may change over time.

152

NYLI MacKay Convertible Fund

Yield Risk: There can be no guarantee that the Fund will achieve or maintain any particular level of yield.

Synthetic Convertible Securities Risk: The values of a synthetic convertible 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.

153

NYLI MacKay Convertible Fund

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.

Past Performance

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.

Index returns reflect no deductions for fees, expenses or taxes, except for foreign withholding taxes where applicable.

154

NYLI MacKay Convertible Fund

Annual Returns, Class I Shares

(by calendar year 2015-2024)

PerformanceBarChartData(2015:-1,2016:11.69,2017:11.24,2018:-2.29,2019:22.61,2020:35.44,2021:10.18,2022:-11.94,2023:9.2,2024:8.46)


Best Quarter
2020, Q2	23.24	%
Worst Quarter
2020, Q1	-13.81	%

Average Annual Total Returns (for the periods ended December 31, 2024)



	Inception	1 Year		5 Years		10 Years

Return Before Taxes
Class I	11/28/2008	8.46	%	9.25	%	8.66	%
Return After Taxes on Distributions
Class I		6.99	%	6.80	%	6.55	%
Return After Taxes on Distributions and Sale of Fund Shares
Class I		5.74	%	6.81	%	6.37	%
Return Before Taxes
Class A	1/3/1995	2.13	%	7.67	%	7.69	%
Investor Class	2/28/2008	2.47	%	7.44	%	7.49	%
Class C	9/1/1998	6.05	%	7.86	%	7.29	%

Bloomberg U.S. Aggregate Bond Index¹		1.25	%	-0.33	%	1.35	%
ICE BofA U.S. Convertible Index²		11.14	%	9.66	%	9.07	%

2. 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.

155

NYLI MacKay Convertible Fund

Management


Subadvisor	Portfolio Manager	Service Date

MacKay Shields LLC	Edward Silverstein, Senior Managing Director	Since 2001
	Thomas Wynn, Managing Director	Since 2024

How to Purchase and Sell Shares

You may purchase or sell shares of the Fund on any day the Fund is open for business by contacting your financial adviser or financial intermediary firm, or by contacting the Fund by telephone at 800-624-6782, by mail at New York Life Investments Funds, P.O. Box 219003, Kansas City, MO 64121-9000, by overnight mail to 430 West 7^th Street, Suite 219003, Kansas City, MO 64105-1407, or by accessing our website at newyorklifeinvestments.com/accounts. Generally, an initial investment minimum of $1,000 applies if you invest in Investor Class or Class C shares, $15,000 for Class A shares and $1,000,000 for individual investors in Class I shares investing directly (i) with the Fund; or (ii) through certain private banks and trust companies that have an agreement with NYLIFE Distributors LLC, the Fund’s principal underwriter and distributor, or its affiliates. A subsequent investment minimum of $50 applies to investments in Investor Class and Class C shares. However, for Investor Class and Class C shares purchased through AutoInvest, New York Life Investments’ systematic investment plan, a $500 initial investment minimum and a $50 minimum for subsequent purchases applies. Class A shares have no subsequent investment minimum. Institutional shareholders in Class I shares have no initial or subsequent investment minimums.

Tax Information

Compensation to Financial Intermediary Firms

156

More About Investment Strategies and Risks

Investment Policies and Objectives

Certain Funds have names that suggest a focus on a particular type of investment. In accordance with Rule 35d-1 under the 1940 Act, each of these Funds has adopted a policy that it will, under normal circumstances, invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in investments of the type suggested by its name, as described in that Fund’s Principal Investment Strategies section and set forth in the Statement of Additional Information (“SAI”). This requirement is applied at the time a Fund invests its assets. If, subsequent to an investment by a Fund, this requirement is no longer met, the Fund's future investments will be made in a manner that will bring the Fund into compliance with this requirement. To the extent a Fund invests in derivatives, such investments may be counted on a mark-to-market basis for purposes of the 80% policy. In addition, in appropriate circumstances, synthetic investments may count toward the 80% policy if they have economic characteristics similar to the other investments included in the basket. With respect to the Funds, except for the NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund, a Fund's policy to invest at least 80% of its assets in such a manner is "non-fundamental," which means that it may be changed without shareholder approval. The Funds have adopted a policy to provide each Fund's shareholders with at least 60 days' prior notice of any change in the Fund's non-fundamental investment policy with respect to investments of the type suggested by its name.

The NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund also have names that suggest a focus on a particular type of investment (NYLI MacKay High Yield Muni Bond Fund's name suggests investment in municipal bonds; however Rule 35d-1 under the 1940 Act does not apply to the "High Yield" portion of the Fund's name). In accordance with Rule 35d-1 under the 1940 Act, each of these Funds (except the NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund) has adopted a policy that it will invest at least 80% of the value of its assets in investments the income from which is exempt from federal income tax. In accordance with Rule 35d-1 under the 1940 Act, the NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund and NYLI MacKay Utah Muni Fund each have adopted a policy that it will invest at least 80% of the value of its assets in municipal bonds whose interest is, in the opinion of bond counsel for the issuers at the time of issuance, exempt from federal and Arizona, California, Colorado, New York, Oregon and Utah income taxes, respectively. The investment policy of NYLI MacKay Arizona Muni Fund, NYLI MacKay California Muni Fund, NYLI MacKay Colorado Muni Fund, NYLI MacKay High Yield Muni Bond Fund, NYLI MacKay New York Muni Fund, NYLI MacKay Oregon Muni Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay Tax Free Bond Fund and NYLI MacKay Utah Muni Fund to invest at least 80% of its assets in such a manner is "fundamental," which means that it may not be changed without the vote of a majority of the respective Fund's outstanding shares in accordance with the applicable voting requirements of the 1940 Act. Normally, the NYLI MacKay Short Term Muni Fund will have a dollar-weighted average maturity of three years or less. The NYLI MacKay Strategic Muni Allocation Fund will seek to maintain a portfolio dollar-weighted average duration of 3 to 10 years. For additional information, please see the SAI.

The NYLI Balanced Fund has adopted a fundamental policy that it will be a "balanced" fund. This fundamental policy cannot be changed without the approval of the NYLI Balanced Fund's shareholders. As a "balanced" fund, the NYLI Balanced Fund will invest at least 25% of the value of its assets (net assets plus any borrowings for investment purposes) in fixed-income securities. This requirement is applied at the time the NYLI Balanced Fund invests its assets.

Each Fund's investment objective is non-fundamental and may be changed without shareholder approval.

157

More About Investment Strategies and Risks

Russian Securities Risk

Until further notice, no Fund will purchase securities of Russian issuers.

Additional Information About Risks


x Principal Risk • Additional Risk	NYLI Candriam Emerging Markets Debt Fund	NYLI Floating Rate Fund	NYLI MacKay High Yield Corporate Bond Fund	NYLI MacKay Short Duration High Income Fund	NYLI MacKay Strategic Bond Fund	NYLI MacKay Total Return Bond Fund	NYLI MacKay U.S. Infrastructure Bond Fund	NYLI Short Term Bond Fund
Arizona State Specific Risk
Brady Bonds Risk	•				•	•
California State Specific Risk					•	•	•
Colorado State Specific Risk
Closed-End Funds Risk	•	•	•	•	•	•	•	•
Conflicts of Interest Risk		•	•		•
Convertible Securities Risk	•	•	x	x	x	•	•	•
Debt or Fixed-Income Securities Risk	x	x	x	x	x	x	x	x
Depositary Receipts Risk			•
Derivative Transactions Risk	x	•	x	x	x	x	x	x
Distressed Securities Risk	•	•	•	x	•	•		•
Emerging Markets Risk	x	•	•	•	x	•		•
Equity Securities Risk	•	•	x	x	x	•	•	•
ESG Considerations Risk	•	•			•	•	•
Exchange-Traded Funds Risk	•	•	•	•	•	•	•	•
Financial Sector Risk	•	•	•	•	•	•	•	•
Floating Rate Loans Risk	•	x	x	x	x	•	•	•
Floating Rate Notes and Variable Rate Demand Obligations Risk	x	•	•	•	x	x	x	x
Foreign Securities and Currencies Risk	x	x	x	x	x	x
Futures Transactions Risk	•	•	•	•	•	•	•	•
Geographic Focus Risk	•	•	•	•	•	•	•	•
High-Yield Municipal Bond Risk			•	•	•	•	•	•
High-Yield Securities Risk	x	x	x	x	x	x	•	x
Illiquid Investments, Private Placement and Restricted Securities Risk	•	•	x	x	x	x	x	•
Increase in Expenses Risk	•	•	•	•	•	•	•	•
Inflation Risk	•	•	•	•	•	•	•	•
Infrastructure Industry Risk							x
Initial Public Offerings Risk	•	•	•	•	•	•	•	•
Investments in Other Investment Companies Risk	•	•	•	•	•	•	•	•
Large Investments or Redemptions by Shareholders Risk	•	•	•	•	•	•	•	•
Lending of Portfolio Securities Risk	•	•	•	•	•	•	•	•
Leverage Risk	•	•	•	•	•	•	•	•
Liquidity and Valuation Risk	x	x	x	x	x	x	x	x
Loan Participation Interests Risk	•	x	x	x	x	x	•	•
Market Capitalization Risk	•	•	•	•	•	•	•	•
Market Risk	x	x	x	x	x	x	x	x

158

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI Candriam Emerging Markets Debt Fund	NYLI Floating Rate Fund	NYLI MacKay High Yield Corporate Bond Fund	NYLI MacKay Short Duration High Income Fund	NYLI MacKay Strategic Bond Fund	NYLI MacKay Total Return Bond Fund	NYLI MacKay U.S. Infrastructure Bond Fund	NYLI Short Term Bond Fund
Money Market Fund Regulation Risk
Money Market/Short-Term Securities Risk	x	x	x	x	x	x	x	x
Mortgage Dollar Roll Transactions Risk	•	•	•	•	x	x	•	•
Mortgage Pass-Through Securities Risk					•	•		x
Mortgage-Related and Other Asset-Backed Securities Risk	•	•	•	•	x	x	x	x
Multiple Manager Risk
Municipal Bond Focus Risk					•	•	x
Municipal Securities Risk		•	•	•	x	x	x	•
Net Asset Value Risk	•	•	•	x	•	•	•	x
New York State Specific Risk							•
Non-Diversification Risk
NYLI Money Market Fund Risk
Operational and Cyber Security Risk	•	•	•	•	•	•	•	•
Options Risk	•	•	•	•	•	•	•	•
Oregon State Specific Risk
Portfolio Management Risk	x	x	x	x	x	x	x	x
Portfolio Turnover Risk	•	•	•	•	x	x	•	x
Real Estate Investment Trusts Risk	•	•	•	•	•	•	•	•
Regulatory Risk	•	•	•	•	x	•	•	•
Repurchase Agreements Risk	•	•	•	x	•	•	•	•
Risk Management Techniques Risk	•	•	•	•	•	•	•	•
Short Selling Risk	•	•	•	•	x	•	•	•
Sovereign Debt Risk	x	•	•	•	•	•		•
Stable Net Asset Value Risk
Swap Agreements Risk	•	•	•	•	•	•	•	•
Synthetic Convertible Securities Risk
Tax Risk	•	•	•	•	•	•	•	•
Taxability Risk		•	•	•	•	•	•	•
Temporary Defensive Investments Risk	•	•	•	•	•	•	•	•
To-Be-Announced Securities Risk	•	•	•	•	•	x	•	•
U.S. Government Securities Risk	•	•	•	•	•	•	•	•
Utah State Specific Risk
Value Stocks Risk
Variable Rate Demand Instruments Risk
When-Issued Securities and Forward Commitments Risk	•	•	•	•	x	•	x	•
Yankee Debt Securities Risk	•	•	•		•	•
Yield Risk	x	x	x	x	x	x	x	x
Zero Coupon Bond and Payment-in-Kind Bonds Risk	•	•	•	•	x	x	•	•

159

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI MacKay Arizona Muni Fund	NYLI MacKay California Muni Fund	NYLI MacKay Colorado Muni Fund	NYLI MacKay High Yield Muni Bond Fund	NYLI MacKay New York Muni Fund	NYLI MacKay Oregon Muni Fund	NYLI MacKay Short Term Muni Fund	NYLI MacKay Strategic Muni Allocation Fund	NYLI MacKay Tax Free Bond Fund	NYLI MacKay Utah Muni Fund
Arizona State Specific Risk	x
Brady Bonds Risk
California State Specific Risk		x		•					•
Closed-End Funds Risk	•	•	•	•	•	•	•	•	•	•
Colorado State Specific Risk			x
Conflicts of Interest Risk
Convertible Securities Risk		•		•	•				•
Debt or Fixed-Income Securities Risk	x	x	x	x	x	x	x	x	x	x
Depositary Receipts Risk
Derivative Transactions Risk	x	x	x	x	x	x	x	x	x	x
Distressed Securities Risk	x	x	x	x	x	x		x		x
Emerging Markets Risk
Equity Securities Risk		•		•	•				•
ESG Considerations Risk	•	•	•	•	•	•	•	•	•	•
Exchange-Traded Funds Risk	•	•	•	•	•	•	•	•	•	•
Financial Sector Risk		•		•	•				•
Floating Rate Loans Risk	•	•	•	•	•	•	•	•	•	•
Floating Rate Notes and Variable Rate Demand Obligations Risks	•	x	•	x	x	•	x	•	x	•
Foreign Securities and Currencies Risk
Futures Transactions Risk	•	•	•	•	•	•	•	•	•	•
Geographic Focus Risk		•		•	•				•
High-Yield Municipal Bond Risk	x	x	x	x	x	x		x	•	x
High-Yield Securities Risk		•		x	•				•
Illiquid Investments, Private Placement and Restricted Securities Risk	x	x	x	x	x	x	•	x	x	x
Increase in Expenses Risk	•	•	•	•	•	•	•	•	•	•
Inflation Risk	•	•	•	•	•	•	•	•	•	•
Infrastructure Industry Risk
Initial Public Offerings Risk		•		•	•				•
Investments in Other Investment Companies	•	•	•	•	•	•	•	•	•	•
Large Investments or Redemptions by Shareholders Risks	•	•	•	•	•	•	•	•	•	•
Lending of Portfolio Securities Risk	•	•	•	•	•	•	•	•	•	•
Leverage Risk	•	•	•	•	•	•	•	•	•	•
Liquidity and Valuation Risk	x	x	x	x	x	x	x	x	x	x
Loan Participation Interests Risk		•		•	•				•
Market Capitalization Risk		•		•	•				•
Market Risk	x	x	x	x	x	x	x	x	x	x
Money Market Fund Regulation Risk
Money Market/Short-Term Securities Risk	x	x	x	x	x	x	x	x	x	x
Mortgage Dollar Roll Transactions Risk		•		•	•				•
Mortgage Pass-Through Securities Risk
Mortgage-Related and Other Asset-Backed Securities Risk		•		•	•				•
Multiple Manager Risk
Municipal Bond Focus Risk	x	x	x	x	x	x	x	x	x	x
Municipal Securities Risk	x	x	x	x	x	x	x	x	x	x
Net Asset Value Risk		•		•			x		•
New York State Specific Risk					x				•
Non-Diversification Risk	x		x			x				x

160

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI MacKay Arizona Muni Fund	NYLI MacKay California Muni Fund	NYLI MacKay Colorado Muni Fund	NYLI MacKay High Yield Muni Bond Fund	NYLI MacKay New York Muni Fund	NYLI MacKay Oregon Muni Fund	NYLI MacKay Short Term Muni Fund	NYLI MacKay Strategic Muni Allocation Fund	NYLI MacKay Tax Free Bond Fund	NYLI MacKay Utah Muni Fund
NYLI Money Market Fund Risk
Operational and Cyber Security Risk	•	•	•	•	•	•	•	•	•	•
Options Risk	•	•	•	•	•	•	•	•	•	•
Oregon State Specific Risk						x
Portfolio Management Risk	x	x	x	x	x	x	x	x	x	X
Portfolio Turnover Risk	•	•	•	•	•	•	•	•	•	•
Real Estate Investment Trusts		•		•	•				•
Regulatory Risk	•	•	•	•	•	•	•	•	•	•
Repurchase Agreements Risk	•	•	•	•	•	•	•	•	•	•
Risk Management Techniques Risk	•	•	•	•	•	•	•	•	•	•
Short Selling Risk		•		•	•				•
Sovereign Debt Risk
Stable Net Asset Value
Swap Agreements Risk	•	•	•	•	•	•	•	•	•	•
Synthetic Convertible Securities Risk
Tax Risk	x	x	x	x	x	x	x	x	x	x
Taxability Risk	•	•	•	•	•	•	•	•	•	•
Temporary Defensive Investments Risk	•	•	•	•	•	•	•	•	•	•
To-Be-Announced Securities Risk		•		•	•				•
U.S. Government Securities Risk	•	•	•	•	•	•	•	•	•	•
Utah State Specific Risk										x
Value Stocks Risk
Variable Rate Demand Instruments Risk	x	x	x	x	x	x	x	x	x	x
When-Issued Securities and Forward Commitments Risk	•	•	•	•	•	•	•	•	•	•
Yankee Debt Securities Risk
Yield Risk	x	x	x	x	x	x	x	x	x	x
Zero Coupon Bond and Payment-in-Kind Bonds Risk	•	•	•	•	•	•	•	•	•	•

161

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI Money Market Fund	NYLI Balanced Fund	NYLI Income Builder Fund	NYLI MacKay Convertible Fund
Arizona State Specific Risk
Brady Bonds Risk		•	•
California State Specific Risk			•
Colorado State Specific Risk	•
Closed-End Funds Risk		•	•	•
Conflicts of Interest Risk		x	•	•
Convertible Securities Risk	•	•	x	x
Debt or Fixed-Income Securities Risk	x	x	x	x
Depositary Receipts Risk		•	•
Derivative Transactions Risk		x	x	•
Distressed Securities Risk		•	•	•
Emerging Markets Risk		x	•	•
Equity Securities Risk		x	x	x
ESG Considerations Risk	•	•	•	•
Exchange-Traded Funds Risk		x	•	•
Financial Sector Risk	•	•	•	•
Floating Rate Loans Risk	•	•	x	•
Floating Rate Notes and Variable Rate Demand Obligations Risks	x	x	•	•
Foreign Securities and Currencies Risk	x	x	x	x
Futures Transactions Risk		•	•	•
Geographic Focus Risk	•	•	•	•
High-Yield Municipal Bond Risk		•	•	•
High-Yield Securities Risk		•	x	x
Illiquid Investments, Private Placement and Restricted Securities Risk		•	•	x
Increase in Expenses Risk	•	•	•	•
Inflation Risk	•	•	•	•
Infrastructure Industry Risk		•
Initial Public Offerings Risk		•	•	•
Investments in Other Investment Companies Risk		•	•	•
Large Investments or Redemptions by Shareholders Risks	•	•	•	•
Lending of Portfolio Securities Risk		•	•	•
Leverage Risk		•	•	•
Liquidity and Valuation Risk	•	x	x	x
Loan Participation Interests Risk	•	•	x	•
Market Capitalization Risk	•	x	x	•
Market Risk	x	x	x	x
Money Market Fund Regulation Risk	•
Money Market/Short-Term Securities Risk	x	•	x	x
Mortgage Dollar Roll Transactions Risk	•	•	x	•
Mortgage Pass-Through Securities Risk		•	•
Mortgage-Related and Other Asset-Backed Securities Risk	x	x	x	•
Multiple Manager Risk		x	x
Municipal Bond Focus Risk
Municipal Securities Risk	•	•	•	•
Net Asset Value Risk			•	•
New York State Specific Risk
Non-Diversification Risk
NYLI Money Market Fund Risk	•

162

More About Investment Strategies and Risks


x Principal Risk • Additional Risk	NYLI Money Market Fund	NYLI Balanced Fund	NYLI Income Builder Fund	NYLI MacKay Convertible Fund
Operational and Cyber Security Risk	•	•	•	•
Options Risk		•	•	•
Oregon State Specific Risk
Portfolio Management Risk	x	x	x	x
Portfolio Turnover Risk	•	x	•	•
Real Estate Investment Trusts Risk		•	•	•
Regulatory Risk	•	•	•	•
Repurchase Agreements Risk	x	•	•	•
Risk Management Techniques Risk	•	•	•	•
Short Selling Risk		•	•	•
Sovereign Debt Risk		•	•	•
Stable Net Asset Value Risk	x
Swap Agreements Risk		•	•
Synthetic Convertible Securities Risk				x
Tax Risk	•	•	•	•
Taxability Risk	•	•	•	•
Temporary Defensive Investments Risk	•	•	•	•
To-Be-Announced Securities Risk	•	•	x	•
U.S. Government Securities Risk	•	•	•	•
Utah State Specific Risk
Value Stocks Risk		x	x	•
Variable Rate Demand Instruments Risk
When-Issued Securities and Forward Commitments Risk	•	•	•	•
Yankee Debt Securities Risk		•	•	•
Yield Risk	x	x	x	x
Zero Coupon Bond and Payment-in-Kind Bonds Risk		•		•

Arizona State Specific Risk

The NYLI MacKay Arizona Muni Fund invests primarily in municipal bonds issued by or on behalf of the State of Arizona and its political subdivisions, agencies, authorities and instrumentalities. As a result, the Fund is more exposed to the risks affecting issuers of Arizona municipal bonds than is a municipal bond fund that invests more widely.

Provisions of Arizona’s Constitution that limit the amount of debt that can be issued may impair the ability of Arizona issuers to pay principal and/or interest on their obligations. Over the years, a number of laws have been enacted, often through voter initiatives, which have increased the difficulty of raising State taxes, imposed certain mandatory expenditures by the State, or otherwise limited the Legislature and the Governor’s discretion in enacting budgets. Additionally, although Arizona’s economy is broad, it does have major components in the trade, transportation and public utilities, professional and business services, education and health services, and government sectors, and may be sensitive to economic problems affecting those sectors.

The strength of the Arizona economy will be affected by, among other factors, the strength of the national and global economies, federal fiscal, monetary and trade policies, geopolitical risks, and business and consumer uncertainty related to these issues. Drought conditions that threaten water supplies for Arizona and the entire Southwest may affect Arizona’s water and power infrastructure and the financial condition of Arizona public water and electric power utilities. Arizona and its various subdivisions may also face financial pressure from costs relating to pension and other post-employment benefits.

Economic problems in Arizona resulting from these issues heighten the risk of investing in bonds issued by the State and its political subdivisions, agencies, authorities and instrumentalities, including the risk of potential issuer default. There is a heightened risk that there could be an interruption in payments to bondholders, in some cases. This possibility, along with the risk of a downgrade in the credit rating of the State’s general obligation debt, could result in a reduction in the market value of the bonds held by the Fund, which could adversely affect the Fund’s net asset value (“NAV”) or the distributions paid by the Fund.

163

More About Investment Strategies and Risks

Brady Bonds Risk

Brady Bonds are securities created through the exchange of existing commercial bank loans to foreign sovereign entities for new obligations in connection with debt restructurings. They are generally subject to the risks of foreign securities.

California State Specific Risk

The NYLI MacKay California Muni Fund invests primarily in municipal bonds issued by or on behalf of the State of California and its political subdivisions, agencies, authorities and instrumentalities. As a result, the Fund is more exposed to the risks affecting issuers of California municipal bonds than is a municipal bond fund that invests more widely.

Most local government agencies within the State, particularly counties, continue to face budget constraints due to limited taxing powers, mandated expenditures for health, welfare and public safety and a weakened economy, among other factors. State and local governments are limited in their ability to levy and raise property taxes and other forms of taxes, fees or assessments, and in their ability to appropriate their tax revenues by a series of constitutional amendments enacted by voter initiatives since 1978. Individual local governments may also have local initiatives that affect their fiscal flexibility. Unfunded pension and other post-retirement liabilities also weigh heavily upon the State as well as many local jurisdictions.

California’s current economic and environmental problems heighten the risk of investing in bonds issued by the State and its political subdivisions, agencies, authorities and instrumentalities, including the risk of potential issuer default. There is a heightened risk that there could be an interruption in payments to bondholders in some cases. This possibility, along with the risk of a downgrade in the credit rating of the State’s general obligation debt, could result in a reduction in the market value of the bonds held by the Fund, which could adversely affect the Fund’s NAV or the distributions paid by the Fund.

Closed-End Funds Risk

Closed-end funds are investment companies that generally do not continuously offer their shares for sale. Rather, closed-end funds typically trade on a secondary market, such as the New York Stock Exchange (“Exchange”) or the NASDAQ Stock Market, Inc. ("NASDAQ"). Listed closed-end funds are subject to management risk because the adviser to the closed-end fund may be unsuccessful in meeting the closed-end fund’s investment objective. Moreover, investments in a closed-end fund generally reflect the risks of the closed-end fund's underlying portfolio of securities. Closed-end funds may also trade at a discount or premium to their NAV and may trade at a larger discount or smaller premium subsequent to their purchase. Closed-end funds may trade infrequently and with small volume, which may make it difficult to buy and sell shares. Closed-end funds are subject to management fees and other expenses that may increase their cost versus the costs of directly owning the underlying securities. Since closed-end funds may trade on exchanges, a Fund may also incur brokerage expenses and commissions when it buys or sells closed-end fund shares.

Colorado State Specific Risk

The NYLI MacKay Colorado Muni Fund invests primarily in municipal bonds issued by or on behalf of the State of Colorado and its political subdivisions, agencies, authorities and instrumentalities. As a result, the Fund is more exposed to the risks affecting issuers of Colorado municipal bonds than is a municipal bond fund that invests more widely.

The energy sector is a source of economic activity in Colorado. Declines in oil and gas production could have an impact on employment and income growth in Colorado. In addition, decreases in oil prices and excess capacity for natural gas could suppress profits, wages, employment, and investment in the regional oil and gas industry. The housing market is also an important driver of economic growth in Colorado. Unless wage gains can offset the rising cost of living consumer spending will slow. The strength of the Colorado economy also will be affected by federal fiscal, monetary and trade policies, the strength of the global economy, geopolitical risks, and business and consumer uncertainty related to these issues.

The Colorado State General Fund is the focal point in determining the Colorado’s ability to maintain or improve its fiscal position. This fund accounts for all revenues and expenditures that are not required by law to be accounted for in other funds. Ultimately, individual income tax revenue constitutes the majority of General Fund revenue for the state and is closely linked to personal income growth.

Individual local governments may also have local initiatives that affect their fiscal flexibility. Property taxes are a significant source of revenue for many local governments. Declines in property values may negatively impact these tax revenues. Colorado and its various subdivisions may also face financial pressure from costs relating to pensions and other post-employment benefits.

The Taxpayer Bill of Rights (TABOR) is a constitutional provision that limits increases in spending, as well as the amount of revenue that can be raised, by state and local governments in Colorado in each fiscal year. Revenues in excess of those permitted under TABOR must be refunded to taxpayers.

Colorado’s fiscal situation could become more difficult as a result of these issues, and other impacts of the current economic environment could materially adversely affect the financial condition of the state and its municipalities. The potential deterioration of Colorado’s fiscal situation increases the risk of investing in Colorado municipal securities, including the risk of potential issuer default, and also heightens the risk that the prices of Colorado municipal securities, and the Fund’s NAV and/ or yield, will experience greater volatility. Downgrades in the ratings of Colorado issuers could result in a reduction in the market value of Colorado municipal securities held by the Fund, which could negatively impact the Fund’s NAV, yield and/or distributions paid by the Fund.

164

More About Investment Strategies and Risks

Conflicts of Interest Risk

Potential conflicts of interest situations could occur where New York Life Investments is subject to competing interests that have the potential to influence its investment decisions for the Fund and which decisions could adversely impact the Fund. For example, New York Life Investments may be subject to potential conflicts of interest in selecting or allocating assets among the Fund’s underlying ETFs (the “Underlying ETFs”) because New York Life Investments receives fees from affiliated Underlying ETFs and not from other Underlying ETFs. In addition, the Fund’s portfolio managers may also serve as portfolio managers to one or more affiliated Underlying ETFs and may have an incentive to select certain affiliated Underlying ETFs due to compensation considerations or to support new investment strategies or cash flow needs of affiliated Underlying ETFs. Moreover, a situation could occur where the best interests of the Fund could be adverse to the best interests of an affiliated Underlying ETF or vice versa. For example, New York Life Investments may be influenced by its view of the best interests of Underlying ETFs, such as a view that an Underlying ETF may benefit from additional assets or could be harmed by redemptions. New York Life Investments and the portfolio managers have a fiduciary duty to the Fund to act in the Fund's best interests when selecting Underlying ETFs. Under the oversight of the Board and pursuant to applicable policies and procedures, New York Life Investments will carefully analyze any such situation and take all steps it believes to be necessary to minimize and, where possible, eliminate potential conflicts. The Fund's or Underlying ETF’s activities may be limited or restricted because of laws and regulations applicable to New York Life Investments or the Fund or applicable policies and procedures of New York Life Investments or the Fund. For example, if a portfolio manager comes into possession of material, non-public information about an affiliated Underlying ETF, the portfolio manager could potentially be restricted from transacting in the Underlying ETF’s shares, which may adversely affect the Fund.

Convertible Securities Risk

The NYLI MacKay Convertible Fund may invest in a type of convertible securities referred to as contingent convertible securities (“CoCos”), which are a form of hybrid debt security typically issued as subordinated debt instruments (i.e., the rights and claims of holders of CoCos will generally rank junior to the claims of holders of the issuer’s other debt instruments). CoCos are subject to risks in addition to those of convertible securities because, among other things, CoCos may be automatically converted to equity (such as common stock) or have their principal written down upon the occurrence of certain triggering events. These triggering events are usually linked to regulatory capital or other financial thresholds or regulatory actions calling into question the issuer’s continued viability as a going concern. If the issuer triggers a CoCo’s conversion mechanism, the Fund may lose all or part of the principal amount invested on a permanent or temporary basis or the CoCo may be converted to equity or other security ranking junior to the corresponding CoCo. In addition, coupon payments on CoCos are often discretionary and may be cancelled by the issuer or a regulatory authority to help the issuer absorb financial losses. The types of adverse events that may impact the value of an investment in CoCos are unpredictable and may be influenced by many factors, including (without limitation) interest rate risk, credit risk, risks of non-U.S. markets and liquidity risk, and certain CoCos are subject to the risks associated with high yield securities. Holders of CoCos may suffer a loss when holders of the same issuer’s comparable equity securities do not.

Debt or Fixed-Income Securities Risk

The risks involved with investing in debt securities include (without limitation):

165

More About Investment Strategies and Risks

services. Although credit quality ratings may not accurately reflect the true credit risk or liquidity of an instrument, a change in the credit quality rating of an instrument or an issuer can have a rapid, adverse effect on the instrument’s value, price volatility and liquidity and make it more difficult to sell the instrument at an advantageous price or time. The downgrade of the credit rating of a security or of the issuer of a security held by a Fund may decrease its value and liquidity. Credit ratings assigned by rating agencies are based on a number of factors and subjective judgments and, therefore, do not necessarily represent an issuer's actual financial condition or the volatility or liquidity of the security. Issuers of unrated securities, municipal issuers with significant debt services requirements in the near- to mid-term and issuers with less capital and liquidity to absorb additional expenses may have greater credit risk.

· Market risk: Like other securities, debt securities are subject to the forces of supply and demand. Low demand may negatively impact the price of a debt security.

Depositary Receipts Risk

166

More About Investment Strategies and Risks

Derivative Transactions Risk

Distressed Securities Risk

Investments in distressed securities are subject to substantial risks in addition to the risks of investing in other types of high-yield securities. Distressed securities are speculative and involve substantial risk that principal will not be repaid. Generally, a Fund will not receive interest payments on such securities and may incur costs to protect its investment. A Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a company in which a Fund has invested, a Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. The market for securities of such companies tends to be illiquid and sales may be possible only at substantial discounts. In addition, a Fund's ability to sell distressed securities and any securities received in exchange for such securities may be restricted.

Emerging Markets Risk

167

More About Investment Strategies and Risks

to certain emerging markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing, recordkeeping and financial reporting standards and requirements comparable to those to which companies in developed countries are subject. Local exchanges in emerging market countries may also be likely to experience market manipulation by foreign nationals who possess inside information.

Equity Securities Risk

Certain Funds may invest in equity securities for capital appreciation or other reasons. Publicly held corporations may raise needed cash by issuing or selling equity securities to investors. When a Fund buys the equity securities of a corporation it becomes a part owner of the issuing corporation. Equity securities may be bought on domestic stock exchanges, foreign stock exchanges, or in the over-the-counter market. There are many different types of equity securities, including (without limitation) common stocks, preferred stocks, ADRs, and real estate investment trusts.

· Changing economic conditions: Equity securities may fluctuate as a result of general economic conditions, including changes in interest rates.

168

More About Investment Strategies and Risks

ESG Considerations Risk

With respect to certain Funds, the following Subadvisors generally give consideration to environmental, social, and/or governance (“ESG”) criteria when evaluating investment opportunities for those Funds, consistent with each Fund's investment objective and Principal Investment Strategies. Certain criteria that may be used by these Subadvisors are described below. The application of ESG criteria may result in a 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 the Fund's benchmark or other funds and strategies in the Fund's peer group that do not take into account ESG criteria or use different ESG criteria or ESG investment strategies. In addition, sectors and securities of companies that meet the ESG criteria may shift into and out of favor depending on market and economic conditions. The consideration of ESG criteria may adversely affect a Fund’s performance.

· Candriam: Candriam may give consideration to ESG criteria such as sector, currency, region, number of securities, certain types of extractive industries, tobacco-related industries and industries related to chemical, biological or white phosphorus weapons.

· MacKay Shields LLC (“MacKay Shields”): MacKay Shields may give consideration to ESG criteria including, but not limited to, climate change, sustainability, energy resources & management, job creation/employee relations, human rights, health and safety, transparency/disclosures, board expertise, audit practices, transparency and accountability.

Exchange-Traded Funds (“ETFs”) Risk

Financial Sector Risk

Floating Rate Loans Risk

Floating rate loans are subject to similar risks as other debt instruments, such as prepayment and extension risk, credit risk, interest rate risk and risks associated with high-yield securities. Floating rate loans may be particularly susceptible to liquidity and valuation risks because the secondary market for these investments is limited. Trades can be infrequent, which results in limited liquidity and transparency for pricing purposes. In addition, floating rate loans may be subject to certain legal and contractual restrictions on resale or assignment. The limited nature of the market may impair a 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, if the market demand for loans increases, the availability of loans for purchase and the interest rate paid by borrowers on such loans may decrease, which may adversely impact a

169

More About Investment Strategies and Risks

Fund. A decrease in the demand for loans, and instances of broader market events (such as turmoil in the loan market or significant sales of loans) may adversely affect the liquidity and value of loans in a Fund's portfolio.

Floating rate loans generally are subject to extended settlement periods that may be longer than seven days. As a result, a Fund may be adversely affected by selling other investments at an unfavorable time and/or under unfavorable conditions to pursue other investment opportunities or to raise cash to meet redemption obligations. A Fund may also engage in borrowing transactions, such as borrowing against its credit facility, or take other actions to meet redemption obligations, particularly during periods of significant redemption activity, unusual market or economic conditions or financial stress.

Floating rate loans are subject to the risk that the scheduled interest or principal payments will not be paid on a timely basis or at all. Floating rate loans usually are rated below investment grade or if unrated, determined by a Fund's Manager or Subadvisor to be of comparable quality (commonly referred to as "junk bonds") and involve greater risk of default on interest and principal payments than higher quality loans. In the event that a non-payment occurs, the value of that obligation likely will decline. Investments in floating rate loans may be particularly subject to risks associated with an economic downturn or a significant increase in interest rates. Generally, riskier investments are in lower rated categories.

Although the floating rate loans in which a Fund invests are generally speculative, they are generally subject to less credit risk than debt securities rated below investment grade, as they have features that such debt securities generally do not have. Floating rate loans are typically senior obligations of the borrower or issuer, and are typically secured by collateral although they may not be fully collateralized and may be uncollateralized. However, the collateral may be difficult to liquidate, decline in value or be insufficient or unavailable to satisfy a borrower’s obligation. In addition, the loan agreement may limit a Fund’s rights to exercise remedies against collateral or may impose procedures that delay a Fund's receipt of proceeds of collateral. As a result, a Fund may not receive money or payment to which it is entitled under the loan. Floating rate loans are usually issued in connection with a financing or corporate action (such as leveraged buyout loans, leveraged recapitalizations and other types of acquisition financing). In addition, loans that have a lower priority for repayment in a borrower’s capital structure may involve a higher degree of overall risk, and be subject to greater price and payment volatility, than more senior loans of the same borrower. In such highly leveraged transactions, the borrower assumes large amounts of debt in order to have the financial resources to attempt to achieve its business objectives. As such, floating rate loans are usually part of highly leveraged transactions and involve a significant risk that the borrower may default or go into bankruptcy. Floating rate loans may be subject to contractual subordination terms or otherwise may be subject to the risk that a court may subordinate a Fund's interest in a loan or in collateral securing a loan to the interests of other creditors or take other actions detrimental to a Fund, including limiting or delaying the remedies or collateral available to a Fund. In addition, if a Fund holds certain floating rate loans, a Fund may be required to exercise its rights collectively with other creditors or through an agent bank or other intermediary acting on behalf of multiple creditors, and the value of a Fund's investment may decline or otherwise be adversely affected by delays or other risks associated with such collective procedures. In times of unusual or adverse market, economic or political conditions, floating rate loans may experience higher than normal default rates.

A Fund will typically purchase loans via assignment, which makes a Fund a direct lender. However, a Fund may also invest in floating rate loans by purchasing a participation interest. See "Loan Participation Interests."

A Fund also may be in possession of material non-public information about a borrower as a result of its ownership of a floating rate instrument of such borrower. Because of prohibitions on trading in securities of issuers while in possession of such information, a Fund might be unable to enter into a transaction in a publicly-traded security of that borrower, potentially for a substantial period of time, when it would otherwise be advantageous to do so.

In certain circumstances, floating rate loans may not be deemed to be securities. As a result, a Fund may not have the protection of the anti-fraud provisions of the federal securities laws. In such cases, a Fund generally must rely on the contractual provisions in the loan agreement and common-law fraud protections under applicable state law.

A Fund may invest in floating rate loans and other similar debt obligations that are sometimes referred to as “covenant-lite” loans or obligations (“covenant-lite obligations”), which are loans or 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. Exposure may also be obtained to covenant-lite obligations through investment in securitization vehicles and other structured products. Many new, restructured or reissued loans and similar debt obligations do not feature traditional financial maintenance covenants, which are intended to protect lenders and investors by imposing certain restrictions and other limitations on a borrower’s operations or assets and by providing certain information and consent rights to lenders. Covenant-lite obligations generally allow borrowers to exercise more flexibility with respect to certain activities that may otherwise be limited or prohibited under similar loan obligations that are not covenant-lite. In addition, a Fund may receive no or less frequent financial reporting from a borrower under a covenant-lite obligation, which may result in more limited access to financial information, difficulty evaluating the borrower’s financial performance over time and delays in exercising rights and remedies in the event of a significant financial decline. Accordingly, a Fund may have more limited access to financial information and more limited rights to restrict a borrower’s activities and operations under a covenant-lite investment, including fewer protections against the possibility of default and fewer indications of a prospective default. As a result, investments in or exposure to

170

More About Investment Strategies and Risks

covenant-lite 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").

Floating Rate Notes and Variable Rate Demand Obligations Risk

Floating rate notes and variable rate demand instruments are generally a long-term debt security that resets its interest rate periodically based on changes to general interest rates and requires a third party, such as a broker-dealer or bank, to remarket or repurchase the security for its face value following demand by a Fund. Depending on the interest rate environment, a Fund may be adversely affected by any delay between the security’s periodic interest rate reset and an intervening change in general interest rates. In a rising interest rate environment, such a delay may prevent a Fund from receiving the higher interest rate payments in a timely manner. Additionally, a Fund will be subject to the credit risk of any third party supporting or providing the security’s demand feature, if a Fund chooses not to hold the security to maturity and instead exercises the demand feature. A Fund is also subject to the risk that the third party’s obligations may terminate or the third party otherwise fails to meet its obligations to support or provide the demand feature. If a Fund is for whatever reason unable to exercise the demand feature, it will be subject to the liquidity risk of the floating rate notes or variable rate demand instrument.

The terms of many floating rate notes and other instruments are tied to reference rates or benchmarks such as SOFR.

Foreign Securities and Currencies Risk

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. Generally, a Fund will rely on an issuer’s “country of risk” (or similar designation) as determined by Bloomberg (or another similar third party) when categorizing securities as either U.S. or foreign-based, it is not required to do so. Foreign securities may be more difficult to sell than U.S. securities. Foreign securities may be domiciled in the United States and traded on a U.S. market, but possess elements of foreign risk. Investments in foreign securities may involve difficulties in receiving or interpreting financial and economic information, possible imposition of taxes, higher brokerage and custodian fees, possible currency exchange controls or other government restrictions, including possible seizure or nationalization of foreign deposits or assets. Foreign securities may also be less liquid and more volatile than U.S. securities. Additionally, to the extent that the underlying securities held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed foreign market). There may also be difficulty in invoking legal protections across borders and, as a result, a Fund may have limited or no legal recourse with respect to foreign securities. In addition, investments in emerging market countries present unique and greater risks than those presented by investments in countries with developed securities markets and more advanced regulatory systems. For example, some Asia-Pacific countries can be characterized as emerging markets or newly industrialized and may experience more volatile economic cycles and less liquid markets than developed countries. The Asia-Pacific region has historically been highly dependent on global trade and the growth, development and stability of the region can be adversely affected by, among other regional and global developments, trade barriers, exchange controls and other measures imposed or negotiated by the countries with which they trade. See “Emerging Markets” above.

171

More About Investment Strategies and Risks

itself. A Fund may lose money due to losses and/or expenses incurred in converting various currencies to purchase and sell securities valued in currencies other than the U.S. dollar, as well as from currency restrictions, exchange control regulation and/or governmental restrictions that limit or otherwise delay the Fund's ability to convert currencies. A Fund's manager or subadvisor may seek to reduce currency risk by hedging all or part of the exposure to various foreign currencies of a Fund's assets allocated to the subadvisor(s) 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 a 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.

Futures Transactions Risk

There are several risks associated with the use of futures contracts and options on futures contracts, including market price, interest rate, leverage, liquidity, counterparty, operational and legal risks. There can be no assurance that a liquid market will exist at the time when a Fund seeks to close out a futures contract. If no liquid market exists, a Fund would remain obligated to meet margin requirements until the position is closed. Futures may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in a Fund's securities being hedged, even if the hedging vehicle closely correlates with the Fund’s investments, such as with single stock futures contracts. If the price of a futures contract changes more than the price of the securities or currencies, a Fund will experience either a loss or a gain on the futures contracts that will not be completely offset by changes in the price of the securities or currencies that are the subject of the hedge. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives.

Geographic Focus Risk

For example, investments in Japan may be subject to additional risks, including those associated with an aging and declining population, which contributes to the increasing cost of Japan’s pension and public welfare system and makes the economy more dependent on foreign trade. Additionally, Japan is prone to natural disasters, such as earthquakes and tsunamis.

High Yield Municipal Bond Risk

A Fund may invest in high-yield municipal bonds. High-yield or non-investment grade municipal bonds (commonly referred to as "junk bonds") may be subject to increased liquidity and valuation risks as compared to other municipal bonds and to high-yield debt securities generally. High-yield municipal bonds are rated below investment grade by one or more of the rating agencies or, if not rated, are determined to be of comparable quality by the Subadvisor and are generally considered to be speculative. Analysis of the creditworthiness of issuers of high-yield municipal bonds may be more complex than for issuers of higher quality debt securities, and, as a result, the ability of a Fund to achieve its investment objective may be more dependent upon such creditworthiness analysis than would be the case if a Fund was investing in higher quality bonds.

There may be little or no active trading market for certain high-yield municipal bonds, which may make it difficult for a Fund to sell such bonds at or near their perceived value. In such cases, the value of a high-yield municipal bond may decline dramatically, even during periods of declining interest rates, which could adversely affect and cause large fluctuations in a Fund's daily NAV. High-yield municipal bonds may be more likely than other municipal bonds to be considered illiquid and therefore to be subject to a Fund's limitation on investments in illiquid investments. It may be difficult for a Fund to obtain an accurate or recent market quotation for a high-yield municipal bond, which may cause the security to be "fair valued" in accordance with the Funds' and the Manager’s valuation policies.

Credit spreads (i.e., the difference in yield between municipal bonds that is due to differences in their credit quality) may increase when the market believes that municipal bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of a Fund’s municipal bonds. Credit spreads often increase more for lower rated and unrated securities than for investment grade

172

More About Investment Strategies and Risks

securities and corresponding reductions in market value will generally be greater for longer-maturity securities. High-yield municipal bonds are generally subject to greater risks with respect to the non-payment of interest and principal and greater market fluctuations than higher quality bonds. If the issuer of a high-yield municipal bond defaults, a Fund may incur additional expenses in seeking recovery. The high-yield municipal bonds in which a Fund may invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds, which may adversely affect the value of these investments.

High-Yield Securities Risk

High-yield or non-investment grade securities (commonly referred to as "junk bonds") are typically rated below investment grade by one or more NRSROs and are considered speculative with respect to the issuer's continuing ability to meet principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Investments in high-yield securities involve greater risks than the risks associated with investments in higher rated securities. High-yield securities may be regarded as predominantly speculative by certain rating agencies with respect to the issuer's continuing ability to meet principal and interest payments. A lack of publicly-available information, irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make high-yield securities more difficult to sell at an advantageous time or price than other types of securities or instruments. High-yield securities are often issued by companies without long track records of earnings or sale or by companies with lesser credit profiles and may be more volatile than higher-rated securities of similar maturity. High-yield securities may be issued by companies that are restructuring, smaller and less creditworthy, or more highly leveraged or indebted than other companies or are financially distressed, and therefore they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. In addition, certain high-yield securities may not be listed on any exchange and a secondary market for such securities may be comparatively illiquid relative to markets for other fixed-income securities. These securities may be subject to higher transaction costs than higher rated securities. In times of economic or market developments and interest rate changes, these securities may experience higher than normal default rates. In addition, the high-yield market can experience sudden and sharp price swings attributable to a variety of factors, including changes in economic forecasts, stock market activity, large or sustained sales by major market participants or investors, or a high-profile default. In the event of default, a Fund may incur additional expenses to seek recovery or to negotiate new terms with a defaulting issuer.

Illiquid Investments, Private Placement and Restricted Securities Risk

A Fund’s investments may include illiquid investments or restricted securities. A principal risk of illiquid investments or investing in restricted securities is that they may be difficult to sell.

Securities and other investments purchased by a Fund may be illiquid at the time of purchase, or liquid at the time of purchase and may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions. Securities may also be less liquid (i.e. more difficult to sell) because of trading preferences, such as a buyer disfavoring purchases of odd lots or smaller blocks of securities. Domestic and foreign markets are becoming more and more complex and interrelated, so that events in one sector of the market or the economy or in one geographical region, can reverberate and have negative consequences for other market, economic or regional sectors in a manner that may not be reasonably foreseen. With respect to securities traded over-the-counter, the continued viability of any over-the-counter secondary market depends on the continued willingness of dealers and other participants to purchase and sell such securities.

If one or more instruments in a Fund's portfolio become illiquid, a Fund may exceed its limit on illiquid investments. In the event that this occurs, a Fund must take steps to bring the aggregate amount of illiquid investments back within the prescribed limitations as soon as reasonably practicable. This requirement would not force a Fund to liquidate any portfolio instrument where a Fund would suffer a loss on the sale of that investment.

Privately issued securities and other restricted securities are not publicly traded and generally are subject to strict restrictions on resale. Accordingly, there may be no market or a limited market for the resale of such securities. Therefore, a Fund may be unable to dispose of such securities when it desires to do so or at the most favorable price, which may result in a loss to a Fund. This potential lack of liquidity also may make it more difficult to accurately value these securities. There may be less information publicly available regarding such securities as compared to publicly issued securities. Privately issued securities that are determined to be “illiquid” would be subject to a Fund's (other than the NYLI Money Market Fund) policy of not investing more than 15% of its net assets in illiquid investments.

Restricted securities are securities that are sold only through negotiated private transactions and not to the general public, due to certain restrictions imposed by federal securities laws.

Increase in Expenses Risk

173

More About Investment Strategies and Risks

Inflation Risk

A Fund's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of a Fund's assets can decline as can the value of the Fund's distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change). Therefore, the income generated by debt securities may not keep pace with inflation. The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by a Fund. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. Additionally, actions by governments and central banking authorities can result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, and vice versa, which may adversely impact a Fund and its investments.

Infrastructure Industry Risk

A Fund that invests in the securities of infrastructure companies/issuers may be exposed to adverse economic, regulatory, political, legal, and other changes affecting the issuers of infrastructure-related securities. Infrastructure-related companies 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, costs associated with environmental and other regulations, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Additionally, infrastructure-related companies may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers, service interruption and/or legal challenges due to environmental, operational or other mishaps and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards. There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, resulting in delays and cost overruns.

Specific infrastructure assets in which a Fund invests may be subject to the following additional risks:

· Communication infrastructure companies/issuers are subject to risks involving changes in government regulation, competition, dependency on patent protection, equipment incompatibility, changing consumer preferences, technological obsolescence and large capital expenditures and debt burdens.

· Energy infrastructure companies/issuers are subject to adverse changes in fuel prices, the effects of energy conservation policies and other risks, such as increased regulation, negative effects of economic slowdowns, reduced demand, cleanup and litigation costs as a result of environmental damage, changing and international politics and regulatory policies of various governments. Natural disasters, man-made disasters or terrorist attacks damaging sources of energy supplies will also negatively impact energy infrastructure companies/issuers.

· Social infrastructure companies/issuers are subject to government regulation and the costs of compliance with such regulations and delays or failures in receiving required regulatory approvals. The enactment of new or additional regulatory requirements may negatively affect the business of a social infrastructure company.

· Transportation infrastructure companies/issuers can be significantly affected by economic changes, fuel prices, labor relations, insurance costs, government regulations, natural disasters, man-made disasters or terrorist attacks.

· Utilities company revenues and costs are subject to regulation by states and other regulators. Regulatory authorities also may restrict a company’s access to new markets. Utilities companies may incur unexpected increases in fuel and other operating costs. Utilities companies are also subject to considerable costs associated with environmental compliance, nuclear waste clean-up and safety regulation.

Initial Public Offerings (“IPOs”) Risk

Investments in Other Investment Companies Risk

A Fund may invest in other investment companies, including mutual funds, closed-end funds, and ETFs.

174

More About Investment Strategies and Risks

Large Investments or Redemptions by Shareholders Risk

From time to time, a Fund may receive large purchase or redemption orders from affiliated or unaffiliated mutual funds or other investors. Such large transactions could have adverse effects on performance if the Fund is required to sell securities, invest cash or hold significant cash at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains and increase transaction costs. Certain shareholders, including clients or affiliates of the Manager or the Subadvisor and/or other funds managed by the Manager or the Subadvisor or its affiliates, may from time to time own or control a significant percentage of a Fund’s shares. Redemptions by these shareholders of their shares may further increase the liquidity risk and may otherwise adversely impact the Fund. These shareholders may include, for example, institutional investors, funds of funds, discretionary advisory clients and other shareholders whose buy-sell decisions are controlled by a single decision-maker. For more information, please see “Liquidity and Valuation Risk.”

Lending of Portfolio Securities Risk

A Fund may lend its portfolio securities. Portfolio securities may be loaned to brokers, dealers and financial institutions to realize additional income under guidelines adopted by the Funds' Board. In determining whether to lend securities, the Manager or the Subadvisor of a Fund or its/their agent will consider relevant facts and circumstances, including the creditworthiness of the borrower. Securities lending involves the risk that a Fund may lose money in the event that the borrower fails to return the securities in a timely manner or at all. A Fund also could lose money in the event of a decline in the value of the collateral provided for loaned securities or in the event that the borrower fails to provide additional collateral as needed to ensure the loan is fully collateralized. A Fund may also not experience the returns expected with the investment of cash collateral. Furthermore, as with other extensions of credit, a Fund could lose its rights in the collateral should the borrower fail financially. Another risk of securities lending is the risk that the loaned portfolio securities may not be available to a Fund on a timely basis and the Fund may therefore lose the opportunity to sell the securities at a desirable price. Any decline in the value of a security that occurs while the security is out on loan would continue to be borne by the Fund.

Leverage Risk

To the extent a Fund employs certain strategies and instruments (e.g., derivatives) that result in direct or indirect economic leverage, a Fund may be more volatile and sensitive to market movements than a fund that does not employ leverage. The use of leverage creates additional investment exposure as well as the potential for greater loss and may require a Fund to liquidate investments when it may be disadvantageous to do so.

Liquidity and Valuation Risk

Markets for debt and other fixed-income securities have consistently grown but the growth of capacity for traditional dealer counterparties to engage in trading these securities has not kept pace with the broader market and, in some cases, has decreased over

175

More About Investment Strategies and Risks

this period. As a result, dealer inventories of certain types of debt securities and similar instruments, which provide a primary indication of the ability of financial intermediaries to “make markets,” are at or near historic lows in relation to the size of the market for these instruments. The significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the debt and fixed-income markets because market makers provide stability to the market through their intermediary services. The potential liquidity and volatility challenges in these markets could be particularly significant during certain economic and financial conditions, such as periods of economic uncertainty. A Fund's ability to sell an instrument under favorable conditions also may be negatively impacted by, among other things, other market participants selling the same or similar instruments at the same time. There can be no assurance that an investment that is deemed to be liquid when purchased will continue to be liquid while it is held by a Fund and/or when a Fund wishes to dispose of it.

Loan Participation Interests Risk

Market Capitalization Risk

176

More About Investment Strategies and Risks

addition, securities of small-cap and mid-cap companies may trade in an over-the-counter market or on a regional exchange, or may otherwise have limited liquidity. Smaller capitalization companies frequently rely on narrower product lines, niche markets, limited financial resources, a few key employees and inexperienced management. Smaller capitalization companies have more speculative prospects for future growth, sustained earnings and market share than larger companies and may be more vulnerable to adverse business or market developments. Accordingly, it may be difficult for a Fund to sell small-cap securities at a desired time or price. Generally, the smaller the company, the greater these risks become. Although securities issued by larger companies tend to have less overall volatility than securities issued by smaller companies, 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.

Market Risk

Money Market Fund Regulation Risk

The SEC and other government agencies continue to review the regulation of money market funds, such as the NYLI Money Market Fund. The enactment of new legislation or regulations, as well as changes in interpretations and enforcement of current laws, may affect the manner of operation, performance and/or yield of the NYLI Money Market Fund.

Money Market/Short-Term Securities Risk

To the extent that a Fund invests in money market or short-term securities, the Fund may be subject to certain risks associated with such investments. You could lose money by investing in a money market fund. An investment in a money market fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A money market fund’s

177

More About Investment Strategies and Risks

sponsor is not required to reimburse the money market fund for losses, and you should not expect that the sponsor will provide financial support to the money market fund at any time, including during periods of market stress.

Mortgage Dollar Roll Transactions Risk

In a mortgage dollar roll transaction, a Fund sells a mortgage-backed security from its portfolio to another party and agrees to buy a similar security from the same party at a set price at a later date. During the roll period, a Fund foregoes principal and interest paid on the securities. These transactions involve a risk of loss if the value of the securities that a Fund is obligated to purchase declines below the purchase price prior to the repurchase date. They may also have a leveraging effect on a Fund.

Mortgage Pass-Through Securities Risk

Investments in mortgage pass-through securities are subject to similar market risks for fixed-income securities which include, but are not limited to, interest rate risk and credit risk. Mortgage pass-through securities are also subject to prepayment risk, which is the risk that borrowers will prepay their mortgages and cause a decline in a Fund’s income and share price. Additionally, mortgage pass-through securities are subject to extension risk, which is the risk that mortgage payments will decline during times of rising interest rates and extend the duration of these securities, making them more sensitive to interest rate changes.

Transactions in mortgage pass-through securities often occur through the use of to be announced (“TBA”) transactions. Default by or bankruptcy of a counterparty to a TBA transaction could expose a Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools of mortgage pass-through securities specified in the TBA transaction.

Mortgage-Related and Other Asset-Backed Securities Risk

Each Fund may buy mortgage-related and other asset-backed securities. Asset-backed securities are securities that represent interests in, and whose values and payments are based on, a “pool” of underlying assets, which may include, among others, lower-rated debt securities, consumer loans or mortgages, and leases of property. Asset-backed securities include collateralized debt obligations, collateralized bond obligations, and collateralized loan obligations and other similarly structured vehicles. Mortgage-related securities are a type of asset-backed security and include mortgage-backed securities, mortgage pass-through securities and private mortgage pass-through securities, mortgage dollar rolls, GNMA certificates, stripped mortgage-backed securities, collateralized mortgage obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-backed securities are asset-backed securities that represent interests in pools of residential or commercial mortgages. The payment of principal and interest and the price of a mortgage-backed security generally depend on the cash flows generated by the underlying (adjustable and fixed rate) mortgages and the terms of the mortgage-backed security. A decline of housing values and other economic developments (such as a rise in unemployment rates or a slowdown in the overall economy) may cause delinquencies or non-payment in mortgages (particularly sub-prime and non-prime mortgages) underlying mortgage-backed securities, which would likely adversely impact the ability of the issuer to make principal and/or interest payments timely or at all to holders of mortgage-backed securities and negatively affect the Fund’s investments in such mortgage-backed securities. The value of mortgage-backed securities backed by sub-prime mortgages has declined in the past, and may in the future decline, significantly during market downturns. Commercial mortgage-backed securities may be adversely affected by economic developments, such as shifts in the population, demographic changes, and reduced demand for commercial and office space as well as maintenance or tenant improvement costs and costs to convert property for other uses.

Some asset-backed securities do not have a security interest in the underlying collateral or any government guarantee for repayment. The value of these securities may be significantly affected by changes in interest rates and developments in the commercial or residential real estate markets, the market's perception of the issuers, reputation of the issuers and the creditworthiness or financial viability or solvency of the parties involved as well as the value of the collateral. The Manager's or Subadvisors' ability to correctly forecast interest rates and other economic factors will impact the success of investments in mortgage-related and asset-backed securities. Some securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. These securities are subject to the risk that borrowers may default or be anticipated to default on their obligations underlying the securities or any guarantees under the securities may fail or otherwise be unavailable. Such risks may be heightened during periods of rising interest rates. These securities may also be subject to prepayment risk if interest rates fall, and if the security has been purchased at a premium the amount of some or all of the premium may be lost in the event of prepayment. During periods of declining interest rates, prepayment of loans underlying asset-backed securities can be expected to accelerate. Accordingly, a Fund's ability to maintain positions in such securities will be affected by reductions in the principal amount of such securities resulting from prepayments. In the case of prepayments, a Fund may be forced to reinvest the proceeds at a lower interest rate. On the other hand, if interest rates rise, there may be less of the underlying debt prepaid, which would cause the average bond maturity to rise (making it more susceptible to interest rate risk) and increase the potential for a Fund to lose money. Some asset-backed securities are particularly subject to credit, liquidity and valuation, interest rate and prepayment risk and additional risks may arise as a result of the type of asset-backed securities in which a Fund invests. In addition, certain regulatory changes may increase the costs to a Fund of investing in asset-backed securities and a Fund's investments in these securities may be adversely affected.

178

More About Investment Strategies and Risks

Multiple Manager Risk

Certain Funds' assets are managed by multiple Subadvisors. Performance relies on the Manager’s selection and monitoring of the Subadvisors as well as how assets are allocated among those Subadvisors. Performance will also depend on each Subadvisor’s skill in implementing their respective strategy or strategies. While the Manager will monitor the overall management of a Fund, each Subadvisor makes independent investment decisions. The investment styles and strategies of a Fund’s Subadvisors may not complement each other as expected by the Manager, and the decisions made by one Subadvisor may conflict with decisions made by one or more other Subadvisors, both of which could adversely affect the performance of the Fund. The Manager may experience conflicts of interest in its selection of Subadvisors for a Fund. One or more Subadvisors to a Fund may underperform the market generally and may underperform other subadvisors that the Manager could have selected.

The multi-manager approach may also cause a Fund to invest a substantial percentage of its assets in certain types of securities, causing the exposure to a given region, country, industry or investment style to unintentionally be smaller or larger than if the Fund had a single Subadvisor, which could increase the Fund’s concentration of risk. The Manager may influence a Subadvisor in terms of its management of a portion of a Fund’s assets, including hedging practices, investment exposure and risk management.

A multi-manager approach may also cause a Fund's portfolio turnover rate to be greater than the portfolio turnover rate of a single manager Fund, which may result in higher levels of realized capital gains or losses with respect to the Fund's portfolio securities, higher brokerage commissions and other transaction costs.

Municipal Securities Risk

Municipal securities include securities 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. Municipal securities are subject to a variety of risks generally associated with investments in debt instruments, including credit, interest rate, prepayment, liquidity and valuation risks as well as risks specific to municipal securities, and can be more volatile than other investments. Taxable municipal securities are subject to similar risks as tax-exempt municipal securities. Adverse tax, legislative, regulatory, demographic or political changes as well as changes (or perceived changes) in a particular issuer’s financial, economic or other condition, prospects, or ability or willingness to pay interest or repay principal on time, may negatively affect the value of a Fund's holdings in such securities. A credit rating downgrade relating to, default by, or insolvency or bankruptcy of, an issuer of municipal securities in which a Fund invests could adversely affect the market values and marketability of municipal securities issued by such state, territory, commonwealth or possession (and its political subdivisions, and agencies, authorities and instrumentalities). Certain of the issuers in which a Fund may invest have experienced, or may experience, significant financial difficulties and repeated credit rating downgrades. The effects of geopolitical events, environmental matters and other public health issues have impacted tax and other revenues of municipalities and other issuers of municipal securities and the financial conditions of such issuers. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market, including financial problems resulting from lower tax revenues or decreased aid from state and local governments in the event of an economic downturn. As a result, there is an increased budgetary and financial pressure on municipalities and heightened risk of default or other adverse credit or similar events for issuers of municipal securities, which would adversely impact a Fund's investments.

Additionally, in recent years, Puerto Rico has experienced difficult financial and economic conditions, which may negatively affect the value of a Fund's holdings in Puerto Rico municipal securities. Puerto Rico has also recently experienced other events that have adversely affected its economy, infrastructure, and financial condition, which may prolong any debt restructuring and economic recovery efforts and processes. A Fund's vulnerability to potential losses associated with such developments may be reduced through investing in municipal securities that feature credit enhancements (such as bond insurance).

A Fund may invest more heavily in bonds from certain cities, states or regions than others, which may increase a Fund's exposure to losses resulting from economic, political or regulatory occurrences impacting these particular cities, states or regions.

From time to time a Fund may invest a substantial amount of its assets in municipal bonds on which interest is paid solely from revenues of similar projects. If a 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 a Fund's investment performance and the risk of loss to a Fund would be heightened.

To be U.S. federally tax-exempt, municipal bonds must meet certain regulatory requirements. If a municipal bond fails to meet such requirements, the interest earned by a Fund from its investment in such bonds may be taxable, thereby potentially resulting in a decline in the value of the affected security. In addition, there could be changes in the applicable tax laws or tax treatment that could reduce or eliminate the current federal income tax exemption accorded to municipal securities, or otherwise adversely affect the current federal or state tax-exempt status of municipal securities. In addition, imbalances in supply and demand in the municipal market may result in a deterioration of liquidity and a lack of price transparency in the market. At certain times, this may affect pricing, execution and transaction costs associated with a particular trade.

179

More About Investment Strategies and Risks

Net Asset Value Risk

Each Fund (other than the NYLI Money Market Fund) is not a money market fund, does not attempt to maintain a stable NAV, and is not subject to the rules that govern the quality, maturity, liquidity and other features of securities that money market funds may purchase. Under normal conditions, a Fund’s investments may be more susceptible than those of a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to a Fund’s investments. A Fund’s NAV per share will fluctuate.

NYLI Money Market Fund Risk

Money market funds are subject to rules governing their portfolios, including with respect to maturity, quality, diversification, liquidity, liquidity fees. The NYLI Money Market Fund’s investment strategies are designed to comply with these portfolio and other requirements. In addition, the Fund intends to qualify as a “retail money market fund,” as such term is defined or interpreted under the rules governing money market funds. As a “retail money market fund,” the Fund has adopted policies and procedures reasonably designed to limit all beneficial owners of the Fund to natural persons. The Fund may impose a fee upon the sale of your shares. Please see the section entitled “Information on Liquidity Fees for the NYLI Money Market Fund” below for additional information. As a “retail money market fund,” the Fund may value its securities using the amortized cost method of valuation as permitted under the rules governing money market funds.

New York State Specific Risk

The NYLI MacKay New York Muni Fund will invest in municipal bonds issued by or on behalf of the State of New York, and its political subdivisions, agencies and instrumentalities. As a result, the Fund is more exposed to risks affecting issuers of New York municipal bonds than is a municipal bond fund that invests more widely. Such risks include, but are not limited to, the performance of the national and New York economies; the impact of behavioral changes concerning financial sector bonus payouts, as well as any future legislation governing the structure of compensation; the impact of an anticipated shift in monetary policy actions on interest rates and the financial markets; the impact of financial and real estate market developments on bonus income and capital gains realizations; the impact of consumer spending on tax collections; increased demand in entitlement-based and claims based programs such as Medicaid, public assistance and general public health; access to the capital markets in light of disruptions in the market; litigation against the State of New York; and actions taken by the federal government, including audits, disallowances, changes in aid levels and changes to Medicaid rules.

In addition, the economy of New York City is dependent on the financial industry. As a result, a downturn in the financial industry may affect New York City and the State of New York more than other states and municipalities.

Non-Diversification Risk

A non-diversified Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified Fund. A non-diversified Fund may select its investments from a relatively small pool of issuers together with securities issued by any newly public issuers consistent with its stated investment objective and policies. An investment in a non-diversified Fund may present greater risk to an investor than an investment in a diversified Fund because changes in the financial condition or market assessment of a single issuer or small number of issuers may cause greater fluctuations in the value of the Fund’s shares.

Operational and Cyber Security Risk

Options Risk

An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right, but not the obligation, to buy from (call) or sell to (put) the seller (writer) of the option the security, currency, index or futures contract underlying the option at a specified exercise price at a certain time or times during the term of the option, depending on the terms of the option. Entering into options contracts involves leverage risk, liquidity risk, counterparty risk, market risk, operational risk and legal risk. If the Manager or a Subadvisor judges market conditions incorrectly or employs a strategy that does not correlate well with a Fund's investments, these techniques could result in a loss, regardless of whether the intent was to reduce risk or increase return. An investment in options may be subject to greater fluctuation than an investment in the underlying index or instrument itself. To the extent that a Fund writes or sells put options, the Fund could experience substantial losses in instances where the option's underlying index or instrument decreases below

180

More About Investment Strategies and Risks

the exercise price of the written option. To the extent that a Fund writes or sells call options, the Fund could experience substantial losses in instances where the option's underlying index or instrument increases above the exercise price of the written option. Writing (selling) hedged options limits the opportunity to profit from changes in the market value of underlying indexes or instruments in exchange for up-front cash (the premium) at the time of selling the option.

Oregon State Specific Risk

The NYLI MacKay Oregon Muni Fund will invest in municipal bonds issued by or on behalf of the State of Oregon, and its political subdivisions, agencies and instrumentalities. As a result, the Fund is more exposed to risks affecting issuers of Oregon municipal bonds than is a municipal bond fund that invests more widely.

The strength of the Oregon economy will be affected by, among other factors, the strength of the national and global economies, federal fiscal, monetary and trade policies, geopolitical risks, and business and consumer uncertainty related to these issues. The strength of residential construction is important to the Oregon economy due to wood products production.

Oregon’s debt levels are high in relation to its economic base. Oregon is highly vulnerable to budgetary strain due to its high reliance on volatile income taxes. Property taxes are a significant source of revenue for many local governments. Oregon has had a relatively high unemployment rate in recent years. Oregon and its various subdivisions may also face financial pressure from costs relating to pensions and other post-employment benefits.

Oregon is subject to periodic earthquakes and has also experienced significant wildfire events during the past several years. The loss of life and property damage that could result from such events could have a material adverse effect on Oregon’s financial condition.

Oregon’s fiscal situation could become more difficult as a result of these issues, and other impacts of the current economic environment could materially adversely affect the financial condition of the state and its municipalities. The potential deterioration of Oregon’s fiscal situation increases the risk of investing in Oregon municipal securities, including the risk of potential issuer default, and also heightens the risk that prices of Oregon municipal securities, and the Fund’s NAV and/or yield, will experience greater volatility. Downgrades in the ratings of Oregon issuers could result in a reduction in the market value of Oregon municipal securities held by the Fund, which could negatively impact the Fund’s NAV, yield and/or distributions paid by the Fund.

Portfolio Management Risk

A quantitative model or algorithm (“quantitative tool”) used by a Subadvisor, and the investments selected based on the quantitative tool, may not perform as expected. A quantitative tool may contain certain assumptions in construction and implementation that may adversely affect the Fund’s performance. There may also be technical issues with the construction and implementation of the quantitative tool (for example, software or other technology malfunctions, or programming inaccuracies). In addition, the Fund’s performance will reflect, in part, the Subadvisor’s ability to make active qualitative decisions and timely adjust the quantitative tool, including the tool’s underlying metrics and data.

Portfolio Turnover Risk

Real Estate Investment Trusts ("REITs") Risk

REITs are pooled investment vehicles that invest primarily in either real estate or real estate-related loans. Investment in REITs carries with it many of the risks associated with direct ownership of real estate, including declines in property values, extended vacancies, increases in property taxes, possible environmental liabilities and changes in interest rates. In addition to these risks, REITs are dependent upon management skills, may not be diversified, may experience substantial cost in the event of borrower or lessee defaults, and are subject to heavy cash flow dependency. REITs are also susceptible to the risks associated with the types of real estate investments they own and adverse economic or market events with respect to these securities and property types (e.g., apartment properties, retail shopping centers, office and industrial properties, hotels, healthcare facilities, manufactured housing and mixed-property types). For example, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management or development of the underlying properties, which may also be subject to mortgage loans and thereby may be subject to the risks of default. A REIT could possibly fail to qualify for tax free pass-through of income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), or could fail to maintain its exemption from registration under the

181

More About Investment Strategies and Risks

1940 Act. The failure of a company to qualify as a REIT under federal tax law or maintain its exemption from registration under the 1940 Act may have adverse consequences.

Regulatory Risk

Repurchase Agreements Risk

Risk Management Techniques Risk

These practices can be used in an attempt to adjust the risk and return characteristics of a portfolio of investments. For example, to gain exposure to a particular market, a Fund may be able to purchase a futures contract with respect to that market. The use of such techniques in an attempt to reduce risk is known as "hedging." If the Manager or Subadvisor of the Fund judges market conditions incorrectly or employs a strategy that does not correlate well with the Fund’s investments, these techniques could result in a loss, which in some cases may be unlimited, regardless of whether the intent was to reduce risk or increase return. These techniques may increase the volatility of a Fund and may involve a small investment of cash relative to the magnitude of the risk assumed. In addition, these techniques could result in a loss if the counterparty to the transaction does not perform as promised.

Short Selling Risk

182

More About Investment Strategies and Risks

Sovereign Debt Risk

Investments in sovereign debt securities, such as foreign government debt or foreign treasury bills, involve special risks, including 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 government debtor's policy towards the International Monetary Fund or international lenders, the political constraints to which the debtor may be subject and other political considerations. Periods of economic and political uncertainty may result in the illiquidity and increased price volatility of sovereign debt securities held by a Fund. The governmental authority that controls the repayment of sovereign debt may be unwilling or unable to repay the principal and/or interest when due in accordance with the terms of such securities due to the extent of its foreign reserves. If an issuer of sovereign debt defaults on payments of principal and/or interest, a Fund may have limited or no legal recourse against the issuer and/or guarantor. In addition, the issuer of sovereign debt may be unable or unwilling to repay due to the imposition of international sanctions and other similar measures. In certain cases, remedies must be pursued in the courts of the defaulting party itself. For example, there may be no bankruptcy or similar proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Certain issuers of sovereign debt may be dependent on disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. Such disbursements may be conditioned upon a debtor’s implementation of economic reforms and/or economic performance and the timely service of such debtor’s obligations. A failure on the part of the debtor to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties’ commitments to lend funds to the debtor, which may impair the debtor’s ability to service its debts on a timely basis. As a holder of sovereign debt, a Fund may be requested to participate in the restructuring of such sovereign indebtedness, including the rescheduling of payments and the extension of further loans to debtors, which may adversely affect a Fund. There can be no assurance that such restructuring will result in the repayment of all or part of the debt. Sovereign debt risk is increased for emerging market issuers and certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have in certain periods experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.

Stable Net Asset Value Risk

You could lose money by investing in the NYLI Money Market Fund. Although the NYLI Money Market 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. An investment in the NYLI Money Market Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The NYLI Money Market Fund’s sponsor is not required to reimburse the NYLI Money Market Fund for losses, and you should not expect that the sponsor will provide financial support to the NYLI Money Market Fund at any time, including during periods of market stress.

Swap Agreements Risk

Certain Funds may enter into swap agreements, including but not limited to, interest rate, credit default, index, equity (including total return), and currency exchange rate swap agreements to attempt to obtain a desired return at a lower cost than a direct investment in an instrument yielding that desired return and Municipal Market Data Rate Locks ("MMD Rate Locks") for various portfolio management purposes. In a typical swap transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular investments or instruments. The payments may be adjusted for transaction costs, interest payments, the amount of interest paid on the investment or instrument or other factors.

183

More About Investment Strategies and Risks

increase transparency because prices and volumes are posted on the exchange. But central clearing and exchange-trading do not make swap transactions risk-free. Because they are two-party contracts and because they may have terms of greater than seven days, certain swaps may be considered to be illiquid. There is a risk that the other party could go bankrupt and a Fund would lose the value of the security or other consideration it should have received in the swap. A Fund may be either the buyer of credit protection against a designated event of default, restructuring or other credit related event (each a “Credit Event”) or the seller of credit protection in a credit default swap. The buyer of credit protection in a credit default swap agreement is obligated to pay the seller a periodic stream of payments over the term of the swap agreement. If a Credit Event occurs, the seller of credit protection must pay the buyer of credit protection the full notional value of the reference obligation either through physical settlement or cash settlement, which can result in the seller incurring a loss substantially greater than the amount invested in the swap. A Fund may enter into total return swap agreements. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. A Fund's use of total return swap agreements will subject the Fund to the risks applicable to swap agreements discussed herein, and a Fund may be adversely affected by its use of total return swaps, if any. In entering into MMD Rate Locks, there is a risk that municipal yields will move in a direction opposite of the direction anticipated by the Fund. For additional information on swaps, see "Derivative Transactions" above. Also, see the "Tax Information" section in the SAI for information regarding the tax considerations relating to swap agreements.

Synthetic Convertible Securities Risk

The values of a synthetic convertible 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. Purchasing a synthetic convertible security may provide greater flexibility than purchasing a traditional convertible security. The income-producing and convertible components of a synthetic convertible security may be issued separately by different issuers and at different times.

Tax Risk

Taxability Risk

Certain Funds intend to minimize the payment of taxable income to shareholders by investing in tax-exempt or municipal bonds in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for federal income tax purposes. Such bonds, however, may be determined to pay, or have paid, taxable income subsequent to a Fund's acquisition of the bonds. In that event, the Internal Revenue Service (the “IRS”) may demand that the Fund pay federal income taxes on the interest income derived from the bonds, and, if the Fund agrees to do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by a Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably practicable. In addition, future laws, regulations, rulings or court decisions may cause interest on municipal bonds to be subject, directly or indirectly, to federal income taxation or interest on state municipal bonds to be subject to state or local income taxation, or the value of state municipal bonds to be subject to state or local intangible personal property tax, or may otherwise prevent a Fund from realizing the full current benefit of the tax-exempt status of such bonds. Any such change could also affect the market price of such bonds, and thus the value of an investment in the Fund.

Temporary Defensive Investments Risk

The NYLI Money Market Fund also may invest outside the scope of its principal investment strategies in cash and securities other than money market instruments for temporary defensive purposes, subject to Rule 2a-7 under the 1940 Act and its investment guidelines.

184

More About Investment Strategies and Risks

To-Be-Announced ("TBA") Securities Risk

In a TBA securities transaction, a seller agrees to deliver a security to a Fund at a future date. However, the seller does not specify the particular security to be delivered. Instead, a Fund agrees to accept any security that meets specified terms.

There can be no assurance that a security purchased on a TBA basis will be delivered by the counterparty. Also, the value of TBA securities on the delivery date may be more or less than the price paid by a Fund to purchase the securities. A Fund will lose money if the value of the TBA security declines below the purchase price and will not benefit if the value of the security appreciates above the sale price prior to delivery. Certain mandatory margin requirements for the TBA market may require a Fund to post collateral in connection with its TBA transactions, which could increase the cost of TBA transactions to a Fund and impose added operational complexity.

U.S. Government Securities Risk

Utah State Specific Risk

The NYLI MacKay Utah Muni Fund will invest in municipal bonds issued by or on behalf of the State of Utah, and its political subdivisions, agencies and instrumentalities. As a result, the Fund is more exposed to risks affecting issuers of Utah municipal bonds than is a municipal bond fund that invests more widely.

Provisions of Utah’s Constitution and state statutes that limit the borrowing, taxing and spending authority of Utah’s governmental entities may impair the ability of Utah issuers to pay principal and/or interest on their obligations. Utah’s economy is considered to be knowledge-based, entrepreneurial, and information technology-driven and encompasses a variety of industries, including but not limited to, agriculture, construction, energy, minerals, tourism, technology, communications, healthcare, financial services, higher education, defense, transportation and government services, and may be sensitive to economic problems affecting those sectors.

Utah households pay more in state and local taxes per household than the national average. The current relatively high level of taxation could adversely affect the ability of Utah issuers to raise taxes substantially or at all. The strength of the Utah economy also will be affected by federal fiscal, monetary and trade policies, including the tapering of expansionary monetary policy by the Federal Reserve and tax increases, the strength of the global economy, including slow growth in the European Union, and business and consumer uncertainty related to these issues. Utah and its various subdivisions may also face financial pressure from costs relating to pension and other post-employment benefits.

Utah’s fiscal situation could become more difficult as a result of these issues, and other impacts of the current economic environment could materially adversely affect the financial condition of the state and its municipalities. The potential deterioration of Utah’s fiscal situation increases the risk of investing in Utah municipal securities, including the risk of potential issuer default, and also heightens the risk that the prices of Utah municipal securities, and the Fund’s NAV and/or yield, will experience greater volatility. Downgrades in the ratings of Utah issuers could result in a reduction in the market value of Utah municipal securities held by the Fund, which could negatively impact the Fund’s NAV, yield and/or the distributions paid by the Fund.

Value Stocks Risk

When-Issued Securities and Forward Commitments Risk

185

More About Investment Strategies and Risks

Yankee Debt Securities Risk

Yankee debt securities are dollar-denominated securities of foreign issuers that are traded in the United States. Investments in Yankee debt securities may involve many of the same risks of investing in foreign securities and debt securities.

Yield Risk

The amount of income received by a Fund will vary, and there can be no guarantee that the Fund will achieve or maintain any particular level of yield. The yields received by a Fund on its investments will vary depending on various factors, including changes in short-term interest rates. A Fund's yield will generally decline as interest rates decline. If interest rates increase, a Fund's yield may not increase proportionately. During periods of very low short-term interest rates, a Fund's expenses could exceed all or a portion of the Fund’s income, and the Fund may not be able to maintain a positive yield.

Zero Coupon and Payment-in-Kind Bonds Risk

Zero coupon bonds are debt obligations issued without any requirement for the periodic payment of interest typical of other types of debt securities. Certain Funds may also invest in payment-in-kind bonds. Payment-in-kind bonds normally give the issuer an option to pay in cash at a coupon payment date or in securities with a fair value equal to the amount of the coupon payment that would have been made. Zero coupon bonds are issued at a significant discount from their face value. The discount approximates the total amount of interest the bonds would accrue and compound over the period until maturity at a rate of interest reflecting the market rate at the time of issuance. Because interest on zero coupon obligations is not paid to a Fund on a current basis but is, in effect, compounded, the value of this type of security is subject to greater fluctuations in response to changing interest rates than the value of debt obligations that distribute income regularly.