2023
Sustainability
ReportResponsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

Table of Contents
3

Responsible Investing: Enduring Value within an Evolving Landscape4

About This Report

5

Who We Are

6

Navigating the Evolving Landscape with Purpose

9Introducing our Boutiques

10

NYL Investors

16

Candriam

23

MacKay Shields

26

U.S. Retail: NYLIM LLC and IndexIQ

32

Apogem Capital

36

Tristan

39

Ausbil45

Kartesia

48

SASB Index

2022 Sustainability Report
2023 Sustainability Report22

Responsible About
InvestingThis
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

Responsible Investing:Enduring value within an evolving landscape
New York Life Investments views responsible investing* as a holistic approachto evaluating risk and opportunity. As stewards of our clients’ capital, we take this
responsibility seriously.
Our multi-boutique family of asset managers—with solutions as diverse as the clients we serve—utilize this
holistic approach in an effort to build better financial futures. When evaluating the operational and structuralrisks of potential investments, our analysis may include consideration of factors such as the strength of acompany’s governance, its positioning to withstand environmental impacts, responsible employment practices,and the evolving regulatory landscape. This assessment helps us identify companies that we believe are
better positioned for success, both in the short and long term. We view these considerations as a part ofour overall approach to managing risks and identifying opportunities, allowing us to serve the investment
objectives, needs, and mandates of our clients.
The information that follows is a testament to this approach and showcases our progress and vision for
the future. Thank you for your continued trust and partnership.

ANTHONY R. MALLOY
Executive Vice President andChief Investment Officer,
New York LifeNAÏM ABOU-JAOUDÉ
Chief Executive Officer, New YorkLife Investment Management***	The terms “responsible investing,” “sustainable investing,” and “ESG investing” are used interchangeably in this report. They all refer to an investment approach that considers factors
typically referred to as environmental, social, and governance factors. This approach may differ depending on materiality, strategy, asset class, or client preferences.
** New York Life Investment Management (NYLIM) refers to New York Life’s global multi-boutique third-party asset management business.

2022 Sustainability Report
2023 Sustainability Report33

Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

About This Report
LOGO—FPO

Scope and Boundaries“New York Life Investments,” as used throughout this report, refers to certain affiliated asset management

Event
ut (boutiques)re, tectinisquedolupturremacientur?
Nu-Company (New York Life).
businessesof its parent
company,
NewreYorkLife Insurance
sandi psuntur molum que nienessequi con nem vellam aBelow are the entities covered in this report:
suntur?
Qui ium aut que est maionse quuntorerum ipient• NYL Investors LLC (“NYL Investors”)
officiis eiume consequae lacesci psandus re cus, se estia• Candriam S.C.A. (“Candriam”)
ducipsa dolore doluptatia aut eate quateni dis utempo•	MacKay Shields LLC; MacKay Shields UK LLP; MacKay Shields Europe Investment Management
renim
re(collectively,
velitatia dus
samShields”)
eossequid quam, id magnam
Limited“MacKayfugit,
seque
sumet possuntem
quosae.
• New YorkLife Investment
Management sam
LLC (“NYLIM
LLC”)• IndexIQ Advisors LLC (“IndexIQ”)• Apogem Capital LLC (“Apogem”)• Tristan Capital Partners LLP (“Tristan”)• Ausbil Investment Management Limited (“Ausbil”)

This report reflects information covering New York Life Investments from January 1, 2023, throughDecember 31, 2023. The Sustainability Accounting Standards Board Asset Management and Custody
Activities Standard framework is referenced in the Appendix.
Additionally, New York Life, through its subsidiaries, holds an interest in the investment firm Kartesia
Management S.à r.l. (“Kartesia”). While discussed in this report, Kartesia is excluded from any compiled
data included in this report (e.g., assets under management, diversity, emissions, etc.) due to New York
Life’s noncontrolling minority ownership during the reporting period.

2023 Sustainability Report
2023 Sustainability Report44Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

Who We Are
New York Life Investments$716
billion*39.0% NYL Investors

5.3% Apogem

20.5% Candriam

2.3% Tristan

17.8% MacKay Shields

1.4% Ausbil

12.4% NYLIM LLC

1.3% IndexIQ

Our Global Boutiques

New York Life Investments offers clients access to specialized, independent
investment teams through its family of boutiques.

New York, NY
Provides investment
management and financing
solutions for New York Life andselect third-party investors,
focused on fixed income, realestate, and private capital.

EuropeGlobal multi-specialist asset
manager focused on fixed income,equity, thematic investing, absolute
return strategies, sustainable
investments, and asset allocation,
as well as tailored solutions forpension funds and insurers.

U.S., UK, Ireland
Investment firm offering
specialty fixed-income
expertise and investment
agility across global
fixed-income markets.

London, UK
Real estate investment firm
specializing in a wide rangeof property types across the
UK and continental Europe.

New York, NY; Chicago, IL;
Richmond, VA
Alternatives investment firmwith capabilities spanning private
credit, private equity, GP stakes,
and private real assets.

Sydney, Australia
Investment firm with expertise inactive management. Capabilities
across Australian equities and global
small-capitalized equities, natural
resources companies andassociated industries, and listed
infrastructure securities.

New York, NY
Pioneer and leading providerof exchange-traded funds,
granting investors access toinnovative solutions designed
to deliver a smarter approach
to traditional investing.

EuropeEuropean specialist
provider of private capitalsolutions for small andmid-sized companies.

New York, NY
New York Life Investment Management LLC (NYLIM LLC) is the advisor to U.S. retail mutual funds and separately
managed accounts, offering investment strategies managed by affiliated boutiques and unaffiliated subadvisors.

“	New York Life Investments’’ is both a service mark, and the common trade name, of the following investment advisers (also referred to herein individually as a “boutique” and collectively as “boutiques”) affiliated with New York Life Insurance Company: Ausbil Investment Management Limited (“Ausbil”), Apogem Capital LLC (“Apogem”), Candriam S.C.A. (“Candriam”), IndexIQ Advisors LLC (“IndexIQ”), MacKay Shields LLC (“MacKay Shields”), New York Life Investment Management LLC (“NYLIM LLC”), NYL Investors LLC (“NYL Investors”), andTristan Capital Partners LLP (“Tristan”).
*	Assets under management (AUM) includes assets of the investment advisers that make up “New York Life Investments” as of 12/31/2023. AUM includes certain assets, such as
non-discretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling services, and model portfoliodelivery services, that are not necessarily considered Regulatory Assets Under Management according to the SEC’s Form ADV. AUM is reported in USD. AUM not denominated in USD
is converted at the spot rate as of 12/31/2023. The total AUM figure of “New York Life Investments” is less than the sum of the AUM of each affiliated investment adviser in the group
because it does not count AUM where the same assets can be counted by more than one affiliated investment adviser. AUM is based on estimates and is subject to change.
**	Kartesia is excluded from any compiled data included in this report (e.g., assets under management, diversity, emissions, etc.) due to New York Life’s noncontrolling minority ownership during the reporting period.

2022 Sustainability Report
2023 Sustainability Report55Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

Navigating the Evolving
Landscape with Purpose
As the investment landscape has evolved, traditional analysis may no longer be enough tounderstand present and future risks and opportunities in our modern world.

Understanding how factors such as data security,
workforce management, supply chain risk, andchanging climate-related regulations affect investment
value can unlock opportunity while guarding against
risks. Across New York Life Investments, we believethat this holistic approach to investment management
can deliver long-term value over the market cycle,
effectively weathering short-term trends.
As sustainable investing continues to evolve, we
remain anchored by our fiduciary duty and aim tocreate lasting value for our clients.
This past year presented several challenges—
inflation, higher interest rates, talks of a recession,
natural disasters, and increasing geopoliticaluncertainty that complicated the investment
landscape. Still, we held steadfast to our fiduciary
duty and investment principles.

2023 Sustainability Report
2023 Sustainability Report

We believe:• It is our responsibility to consider
material ESG factors as we makeinvestment decisions.
•	Addressing environmental challenges
can support a sustainable future.
• 	Investing in people and communities will
fuel innovation, progress, and growth.

These guiding principles drive us forward. They
help orient us toward our mission: empoweringclients to achieve their goals while building a better
financial future for our clients and communities.

66

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Investing

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Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

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Index

In 2023, New York Life Investments made progress inmany areas, including diversity and inclusion, community
involvement, and management of day-to-day operations.

New York Life, our parent company, has a long history
of investing in the future. Sustainability is inherent in
its business as the company must be viable for thelong term to be there for its policy owners. These
values are shared by New York Life Investments andencompass its employees, the environment, and thecommunities it serves.
Diversity, equity, and inclusion
New York Life Investments is committed to creating adiverse and inclusive workspace that fosters learningand growth for all. New York Life Investments boutiquesleverage resources from New York Life’s DE&I Center,and additionally sponsor individual initiatives such as
internal education programs or supporting programs
to attract diverse talent. One of the key components of
New York Life’s Diversity, Equity, and Inclusion (DE&I)
strategy are employee resource groups (ERGs) thatare available to New York Life Investments’ U.S.-based
boutique employees. These ERGs, which include groups
such as The Women’s Initiative, Asian Pacific Circle,
Black Organization for Leadership and Development,
and ENABLE, which is dedicated to raising the level ofdisability-focused awareness, help create an environment
in which different and unique perspectives areencouraged and valued.
For a deeper dive, please see New York Life’s
2023 Diversity, Equity and Inclusion Report.

2023 Sustainability Report

Community Involvement
Our parent company, New York Life, has set
community-based targets through 2025. This includes
a goal of achieving 500,000 agent and employee
volunteer hours, which covers New York Life Investments’
U.S.-based boutique employees. In addition tovolunteering, New York Life Investments’ boutiquesdemonstrate their social commitment by partneringwith local community groups to educate, donate, andprovide support where needed.
• New York Life Investments continues to be a proud
member of The Equity Collective, a collaborationof 27 wealth and asset management firms led by
Morgan Stanley. Driven by a shared commitment
to diversity and by working closely with selectorganizations, we’ve participated in engagements
throughout the year to create awareness, demystify
perceived barriers, and attract future talent.
• Candriam’s Institute for Sustainable Development
continued to support a diverse portfolio of impact
initiatives, including the Red Cross’s international
emergency fund which supported earthquake victims
in Turkey and Morocco.
• MacKay Shields fosters a culture of giving backthrough volunteer work and annual fundraising forcharities like Invest in Girls and God’s Love We Deliver.
Similarly, Apogem integrates community service into
company events, donating equipment to the Walt
Disney World Boys and Girls Clubhouse in 2023.

7

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New York Life also hosts an annual Giving Campaign.
New York Life Investments’ U.S.-based boutiques
participate in this event, which serves to ignite a spiritof connection, bringing employees and agents
together to generously donate and raise funds forthe philanthropic causes closest to their hearts. The
2023 Giving Campaign resulted in New York Life’s
highest participation rates, with 74% of employees
donating and joining events raising a total of $6.12M
for charitable organizations.
Responsible Operations
In 2023, New York Life set a target to achieve a
30% reduction in operational Scope 1 and 2 carbon
emissions by 2030.*
Going forward, New York Life’s road map to achieving
this emissions target includes potential reductions from:• Investments in on-site renewables and/or powerpurchase agreements with utility providers.
• Upgrading building management systems andheating systems to improve energy efficiency andreduce emissions.
•	Enhancing strategies for efficient computing at data
centers, encouraging renewable energy usage
among third-party providers, and improving waste
management practices to increase recycling andreduce landfill waste.
Furthermore, New York Life’s Home Office at 51 Madison
Avenue in New York City—serving as a home basefor the operations of several boutiques—has partneredwith a leading power plant operator for notifications
when there is stress on the power grid. In response,
New York Life has lowered their energy use accordingly,
resulting in 4.6 metric tons of avoided emissions in 2023.

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Overall, it’s important to note that the actions New YorkLife is taking to reduce its operational footprint are not
only positive for the environment but also assist thebusiness in reducing certain expenses and ensuring
compliance with applicable laws and regulations in
the jurisdictions where it operates.
Initiatives shared by New York Life and certain
New York Life Investments boutiques include:• New York Life is amid a four-year initiative to
optimize its data centers, relocating 10–15% of
their on-site applications to colocation facilities.
These facilities are generally more efficient anduse renewable energy to offset some of theirenvironmental impacts.
• New York Life plans to transition more of their systems
and applications to the cloud, an important part ofstrategy to modernize technology platforms while
reducing their carbon footprint. In 2023, the company
migrated 10% of its targeted applications into thecloud, with another 35% planned in 2024.
• New York Life has begun upgrading its desktop andlaptop fleet, opting for machines that consume lessenergy and are made from recyclable materials.
Partnerships with third parties have helped manage
the ongoing end-of-life recycling of IT equipment,
recycling over 5,100 devices and reselling nearly
4,000 in 2023.
To learn more about New York Life’s sustainability
initiatives and progress, please see their 2023 Corporate
Responsibility Report.

*	Based on a 2019 baseline. Calculated using the GHG Protocol Corporate Accounting and Reporting Standard. Calculations include data from New York Life Investmentsboutiques and are not third-party verified.

2023 Sustainability Report8Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

Introducing Our
Boutiques
New York Life Investments’ multi-boutique structure empowers each firm to leverage
their deep expertise to offer solutions that best suit their clients, asset classes, andthe regions they invest in.
We invite you to explore the individual stories and achievements of each boutique inthis report. By delving deeper, you’ll gain a fuller understanding of how our dedication toholistic analysis of risk and opportunity translates into practical outcomes.i

2023 Sustainability Report
2022
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ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

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NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

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NYL Investors
Event
ut re, tectinisque
is a whollydoluptur
owned investment
rem re acientur?
subsidiary
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York Life.
molum
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dis utempofor
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to evolving its
sam
responsible
quosae. investing
practices and supporting the sustainability goalsof the enterprise.

* AUM as of 12/31/2023. AUM includes certain assets that do not qualify as Regulatory Assets Under Management, as defined in the SEC’s Form ADV.

2023 Sustainability Report
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NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

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Responsible Investing
Process Enhancements
At NYL Investors, ESG factor assessments are a formalcomponent of their fixed income investment due diligenceprocess of issuers and borrowers. The investment
team’s objective is to assess material and relevant factorsthat can impact the financial performance of a company.
Additionally, a proprietary ESG score is applied tocorporate bond, structured asset, U.S. sovereign, andprivate placement issuers held in client portfolios. Thesescores are utilized within the investment teams tocommunicate issuer level risks and opportunities.
Climate Impact Analysis
NYL Investors aims to deepen its understanding of thepotential impacts of climate change to client portfolios
and monitor and manage risks and opportunities
associated with the energy transition. A dedicatedresponsible investing team is coordinating the firm’s
efforts to leverage internal and external tools, models,and scenarios to measure and assess climate risk,
which can enable more informed decision-making.
The inputs that are beginning to be assessed include
Network for Greening the Financial System (NGFS)
scenarios, greenhouse gas emissions footprints,
implied temperature rise, and climate value at risk.
The initial scope of analysis is focused on public
corporate bond assets where data is more readily
available. Sectors more heavily impacted by the energy
transition, like utilities, energy, and materials, havebeen prioritized in the initial phase of analysis.
While this work is in its early stages, expectations
are that the data, models, and analytics will evolve
over time to become more useful in the investment
decision process.

2023 Sustainability Report
2023 Sustainability Report

Real Estate Investors (REI), an investment division
within NYL Investors, is actively engaged in assessing and mitigating both climate-related physical andtransition risks. The real estate equity team utilizes athird-party tool to identify and assess climate-related
impacts on the real estate equity portfolio and potential investments. These findings are factored into the
10-year property condition assessment cost tables
discussed at REI’s Investment Committee meeting, andmitigation checklists are reviewed to help build
resiliency at the property level.
REI also monitors the evolving regulatory risk landscape.
Industry frameworks, notably Carbon Risk Real Estate
Monitor (CRREM) models, are used to assess certain
portfolios and measure their exposure to transition risk.
This ongoing effort also seeks to evaluate compliance withgovernment-mandated energy or greenhouse gas (GHG)
emissions performance requirements. By evaluating theenergy intensity and emissions of REI’s properties against
CRREM models and government-mandated building
performance requirements, they can assess the near-termrisk and then implement multiyear plans with the aimof future-proofing their assets.
The REI debt portfolio seeks to adhere to sustainable
investment best practices by collecting property-leveland borrower data. Furthermore, REI’s Investment
Committee conducts evaluations of sustainability
factors as part of the due diligence process.

11
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Track and report progress
To support New York Life’s ambition to contributeto a more sustainable future, NYL Investors has started
to track investments in responsible assets. Theseassets include investments in renewable energy,*
green and social bonds,** impact investing,*** PACE
investments,**** and certified real estate properties.†
As of December 31, 2023, NYL Investors’ investmentsin the segments described above exceeded $16 billion.‡

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In addition, REI is committed to measuring the progressof its sustainability practices within the real estate equity
and debt portfolio. REI believes that incorporating principles aligned with sustainable investment best practices
promotes favorable relative return potential for clients overthe long term. In alignment with its commitment to sustainability, REI has established 10-year targets (2019–2029).
These targets include a 25% reduction in energy andemissions, a 10% decrease in water consumption, andthe attainment of an overall diversion rate of 40%.

New York Life Real Estate Investors’ 10-year (2019 –2029) Targets

EnergyConsumption

Water
Consumption

25%

Reduction

10%

Reduction

25%

Greenhouse
Gas Emissions

Reduction

Total Diversion
Rate

40%

*	ESGenewable Energy Investments include Solar, Wind, Hydro, Geothermal, and designated infrastructure investments.
** Green and Social Bonds Include certified green, social, sustainability, and sustainability-linked bond issuance and FNMA Multi-Family Loan Programs.
***	New York Life’s impact investment strategy aims to address the racial wealth gap in the United States by investing in underserved and undercapitalized communities, with afocus on supporting small businesses, affordable housing, and community development. The impact program seeks to develop, alongside industry-leading partners, broad solutions and investment structures that will continue to deliver both investment returns and inclusive economic outcomes linked to job growth, health and wellness, and personaland household advancement. Impact investments to date include equity, debt, and tax credit-related investments. Invested capital includes commitments that have been funded
as of year-end 2023.
**** PACE Investments are investments in the Property Assessed Clean Energy Program.
†	Certified Real Estate Properties include LEED Certified Gold or Platinum designations at the time of purchase, Fitwell certification, and BREEAM accreditation for real estate debt
and equity assets.
‡ Represents NYL Investors-managed portion of New York Life’s General Account.
	The 10-year environmental reduction targets are relative to a 2019 baseline on a like-for-like absolute basis. The carbon emissions reduction goal relates to REI’s Scope 1 andScope 2 emissions. Interim progress toward New York Life Real Estate Investors’ goal to reduce like-for-like GHG emissions by 25% from 2019 to 2029 is measured on an annual basis. With assistance from a third-party consultant, this process includes extracting property-level consumption data from the EPA’s Energy Star website. An independent
third party is engaged on an annual basis to provide assurance verification on the GHG emission data being collected and reported.

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Impact Investing
Financing Small Businesses Across the United States
New York Life has partnered with Momentus Capital,a family of leading mission-driven financial organizations, to provide small-business loans specificallyintended to support entrepreneurs from underserved
and undercapitalized communities. This first-of-itskind program from within the life insurance space will
unlock capital for creditworthy businesses that traditionally have been overlooked by financial institutions.
Featuring increased flexibility from a loan underwriting
perspective, the program should expand small-businessfinancing for borrowers who are often unable toaccess this kind of capital. With an initial $50 million
commitment, the program is expected to ramp up inearly 2024, with the first few loans already funded.

Launched in April 2021, New York Life’s impact investing
program seeks to help bridge the racial wealth gap in
America by investing in underserved and undercapitalized
communities, while also earning market rate returns for
its policy owners. New York Life is determined to develop
large-scale solutions and investment structures that cangenerate widespread and inclusive, positive economic
outcomes, with a focus on fostering employment
opportunities, enhancing health and well-being, andpromoting personal and household advancement.

As part of its partnership with Fairview Capital, New YorkLife continues to deploy its $200 million commitment tosupport diverse and emerging fund management firms,
who in turn are more likely to invest in diverse small
businesses. Fairview, one of the largest minority-owned
investment management firms in the United States,
was cofounded by JoAnn Price and Laurence Morse,
pioneers in venture funds of funds and social impact
investing. At the end of 2023, New York Life’s portfoliowith Fairview included 19 funds and over 250 small
businesses across the United States, the majority ofwhich are owned or led by minority or womenbusiness leaders.

Overseen by NYL Investors, the impact investing program has committed $1.3 billion to impact investments
as of December 2023. With only about half of thesecommitments currently funded, it will take many more
years to realize the full effects of their investments.
Nevertheless, there are notable impactful developments to report through year-end 2023.

2023 Sustainability Report
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Investing in Affordable Housing andCommunity Development
Through Low-Income Housing Tax Credits, New YorkLife has invested approximately $500 million in low-income
housing projects, providing key equity financing that is
the foundation for new affordable housing construction.
As of year-end 2023, these investments have contributed
to the construction of over 15,000 housing units, withan additional 11,000 units still to be developed.

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Homeless Shelter Construction in New York City
New York Life has financed a total of seven homelessshelter constructions or rehabilitations across Manhattan,
Staten Island, Brooklyn, and Queens. With homelessness at an all-time high, New York City is underimmense pressure to find space for those in need.
These shelters will add critical capacity to the city’s
homeless services system and provide vital support in
helping residents transition to stable housing.

Through New Markets Tax Credits, New York Lifeis catalyzing meaningful investment into projects in
low-income communities to support inclusive economic
development. These projects not only create jobs,
but also promote upward economic mobility for local
residents by increasing access to healthcare facilities,
grocery stores, childcare, small-business financing,and cultural and community facilities, among others.

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Volunteerism
NYL Investors’ employees supported various volunteer
efforts throughout 2023. Employees partnered with
Volunteers of America-Greater New York (VOA-GNY)
on activities to support families living in two of their
NYC shelters. Through their Brightening BirthdaysTM
program, volunteers sent gifts to 121 children celebrating
birthdays while living in transitional housing. For
Halloween, volunteers filled and shipped over 200
treat-filled goody bags. For the Season of Giving,
volunteers donated over 100 sets of pajamas forchildren, women, and men. During Month of Service,
NYL Investors partnered with Book Fairies to provide
access to literature in under-resourced areas bydonating 255 new books for distribution at their freebook fairs. Additionally, volunteers contributed to help
City Harvest rescue and deliver nutritious food forfamilies across the city.
REI hosts a Discovery Program, which is a joint effort
between REI, the team’s Diversity, Equity, and Inclusion
Committee, and Human Resources (HR). Establishedin 2020, the three-day program offers an immersive
experience designed to introduce participants to themultiple business units within an institutional realestate investment platform and to the various roles
within a real estate organization. The program selects
intellectually curious students who attend New York
area colleges, including Buffalo, Fordham, and Rutgers
universities, and Baruch, Hunter, and Brooklyn colleges.
Based on the universally positive feedback REI has
received from participants, it is considering expanding
the Discovery Program to additional colleges anduniversities in other U.S. cities where it has offices.

2023 Sustainability Report
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Engagement and Transparency
NYL Investors is committed to engaging with stakeholders
and being transparent on its sustainability journey.
Internally, the firm publishes a responsible investing
newsletter and provides educational opportunities for
its employee base through corporate-wide sustainability
webinars and participation in an enterprise “Sustainability”
team. NYL Investors also participates in a monthly
collaboration session with all New York Life Investmentsboutiques, New York Life’s Office of Governmental
Affairs, and New York Life’s Corporate Responsibility
team to share sustainability insights and best practices.
Externally, responsible investing trends are discussed
within the insurance general account management
peer group and trade associations.
REI promotes engagement within the communities it
invests in by encouraging tenants to adopt sustainable
practices through the utilization of tools like tenant fit-out
guides, the implementation of green lease language, andthe hosting of on-site events. By fostering partnerships
and advocating for responsible investment policies,
the firm is actively contributing to a collective effort
to combat climate change.
NYL Investors’ sustainability goals align with a broader
commitment to deliver the investment outcomesits clients expect in a responsible manner. Throughcontinuous evolution and collaborative engagements,
the company is making meaningful contributions
toward a more sustainable future.

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Candriam, a pioneer in sustainable and responsible
investing for more than 25 years, is a global, multi-specialist
asset manager headquartered in Luxembourg with$160 billion* in AUM. A founding signatory of the UN PRI
charter in 2006, the firm’s focus and dedication to drive
progress and identify sustainable opportunities forinvestors is embedded in its name, which stands forConviction AND Responsibility In Asset Management.

*	AUM as of 12/29/2023. AUM includes certain assets, such as nondiscretionary AUM, external fund selection, and overlay services, including ESG screening services, advisory consulting services, white labeling services, and model portfolio delivery services that do not necessarily qualify as Regulatory Assets Under Management, as defined in the SEC’s Form
ADV. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/29/2023.

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Candriam sustainable governance structure
Across the firm, Candriam has more than 35 people
involved in sustainable governance and investment. A
dedicated team manages ESG research and analysis.
Candriam achieves a consistent and aligned approach
toward environmental, social, and governance issues
through several strategic committees, such as the ESG
and Corporate Social Responsibility (CSR) Steering

Committees, the CSR Ethics Committee, theSustainability Risk Committee, and the Proxy Voting
Committee. These groups report directly to the Group
Strategic Committee. A Sustainability Regulation
Committee monitors European regulatory developments relevant to Candriam’s activities.

Candriam’s Governance Structure
Board of Directors | Board of Management
Group Strategic Committee

Sustainability Risk Committee
Proxy Voting Committee

CSR Ethics Committee

Product Governance Committee*

Candriam Institute

ESG Steering• ESG Investments• ESG Business
Development• ESG Data, IT, and Ops• ESG Editorial

CSR Steering• Stewardship andCollaborative Initiatives• ESG Regulation andCertification• Human Resources
and D&I**• Clients• Corporate
Value Chain• Community• Corporate
Governance

Sustainability Regulation Committee*	ESG characteristics of products/services are considered by Candriam’s regular product governance process in the Client Solutions and Product Range Committees.
** Staff committees: D&I, Women@Candriam, Well-Being.

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Unveiling risks and opportunities: Candriam’s
comprehensive investment approach
Sustainability is at the core of Candriam’s investment
philosophy. The connection between sustainable
principles and the risk/return profiles of issuers is central
to the firm’s investment approach. To help identify
overarching risks and potential opportunities, Candriam’s
in-house ESG team is a vital part of the firm’s investment
processes. This includes the analysis of underlying
companies’ business activities and stakeholder practices,
research into potential controversies, and oversight ofdisciplined issuer dialogue. The team also conducts
country-by-country analyses of ESG risks andopportunities for sovereign debt issuers, employing
its nuanced proprietary sovereign model. By weaving
ESG analysis into the investment process, Candriam
strives to help clients achieve their financial,environmental, and social goals.

Stewardship Focus Areas:

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Ongoing engagement to drive positive change
For over two decades, Candriam has engaged withcompanies on responsible investing issues throughproxy voting, direct dialogue, and collaborative dialogue,
in support of sustainable finance. Candriam believes
that engaging with issuers and exercising its shareholder
voting rights promotes constructive dialogue andcontributes to positive change. The firm remains
committed to facilitating these necessary conversations
among issuers, investors, and the public.
Candriam takes a structured approach to its stewardship
activities and has defined three high-conviction focus
areas since 2015: energy transition, fair working conditions,and business ethics. Furthermore, Candriam hasoutlined three specific areas of attention related tovoting rights, including board independence andaccountability, accuracy of financial information,and the protection of the rights and equal treatmentof shareholders.

Proxy Voting Priorities:

Energy transition

Board of independence andaccountability

Fair working conditions

Accuracy of financial information

Business ethics

Protection of rights and equal
treatment of shareholders

For more information on Candriam’s Stewardship Activities, please visit their website.

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How Candriam is taking action on climate change
The potential impacts of climate change have been
integrated into Candriam’s investment philosophy
for over 15 years. As the risks from climate change
have persisted, the firm joined the Net Zero AssetManagers Initiative* in 2021, committing to reduce
the environmental impact of its investments andoperations by achieving net-zero carbon emissions
by 2050.** To reach this goal, Candriam has scoped
their net-zero commitment by specific portfolios andmapped three decarbonization methods for its

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portfolio which best suit the underlying investment
strategies and asset classes: absolute contraction,
temperature alignment, and climate benchmark limit.
These methods allow for a more targeted approach todecarbonization, as needs can vary across thematic
strategies and broad-based diversified strategies withan inherently low-carbon intensity.
In 2023, Candriam published an updated Climate Strategy.
This document details how Candriam’s investment
teams assess and manage climate risks and ultimately
aim to create positive climate benefits.

The Climate Strategy is based on four pillars:

1 Exclude

Integrate

4 Report

EngageExclude activities that are deemedincompatible with reaching theParis goals.

Report on the climate impacts of
Candriam’s portfolio in a comprehensive
and transparent manner.

Integrate climate risks and impacts
into Candriam’s investments.

Engage with high-emitting companies
to accelerate their transition strategy.

2
3

Award-winning leadership
In 2023, Candriam earned numerous awards and certifications for its responsible investing
efforts. Notably, Candriam was ranked as the top ESG brand among almost 600 asset managers
globally by the H&K Responsible Investment Brand Index (RIBI).*** The firm was also ranked
21st among the top 50 brands in Europe in 2023 by the Broadridge Fund Brand 50 report.***** https://www.candriam.com/en/professional/SysSiteAssets/presspage/press/pressrelease/2021/11---2021/pr_nzami-announcement_en.pdf**	Candriam has certain statements regarding net-zero and emissions reductions. Further details about these goals, including progress measurements, can be found on Candriam’s
website. The calculation of Candriam’s operational carbon emissions is performed by a service provider; no independent verification is performed by any third party.
***	Candriam was highlighted as the top ESG brand among 600 global asset managers for the period of March 2022 to March 2023, according to the March 2023 Hirschel and Kramer (H&K)
Responsible Investment Brand Index™. It is important to note that no direct or indirect compensation was paid for this ranking. For more information about this ranking click here.
****	This ranking is based on the Broadridge Fund Brands 50 report for the period March 2022 to March 2023, during which Candriam was recognized as the 21st best performing fund brandglobally. It is important to note that no direct or indirect compensation was paid for this ranking. For more information about this ranking click here.

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Navigating water scarcity

Focus on human rights

Recognizing the growing global threat of water scarcity,which is exacerbated by environmental degradation,
Candriam launched a dedicated strategy in 2023. This
strategy capitalizes on the growth potential of companies
worldwide that are actively developing solutions toaddress this critical challenge.

In 2023, Candriam published its first Human Rights
Policy, which describes the policies and procedures
implemented at a corporate level aimed at abolishing
all forms of modern slavery, human trafficking, childlabor, discrimination, and violence, while supporting
the establishment of good working conditions, andencouraging fair treatment of all employees andworkers within the firm’s supply chain.

The strategy identifies companies that facilitate solutions
to water-related issues and encompasses a wide rangeof activities, including infrastructure and management
solutions, innovations in transport and storage, andproducts and services focused on usage efficiency.

2023 Sustainability Report

At the investment level, the policy describes how
Candriam seeks to prevent, mitigate, and remediatehuman rights risks. Candriam’s proprietary ESG
framework excludes issuers with high humanrights-related risk from its investments. After aninvestment has been made, Candriam continuously
monitors human rights-related risks and determines
the actions to be taken to remediate the risk, should
it materialize. As a remediation tool, direct orcollaborative engagement, and voting, are used
to address negative impacts on human rights.

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Championing diversity, equity, and inclusion
Candriam embraces diversity as a driver of innovation
and resilience. The firm’s Diversity & Inclusion Policy
empowers staff across all levels, fostering creativity
and encouraging everyone to tackle challenges withfresh perspectives. Candriam’s strategic activities related
to diversity and inclusion include raising awareness byproviding trainings and hosting events and

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speakers, partnering with universities and schools toreach new candidates, initiatives to promote work-lifebalance, and encouraging a work environment that
fosters inclusion.
Some notable milestones undertaken by the firm
include enhancing maternity leave support and conducting an employee survey to understand employee
needs and expectations.

Six pillars fuel Candriam’s strategy:
PillarStrategic Activities

1

Raising AwarenessTraining, speakers, manager goals, and events promote understanding.

2

Attracting Diverse TalentPartner with universities, schools, and organizations to reach diverse candidates.

3

Retaining Diverse Talent

Invest in learning, mentoring, and diverse succession planning.

4Work-Life Balance

Hybrid work, flexibility, assistance programs, and cultural activities support employees.

Empowering Womenand Minorities

Through internal mobility, personal development, mentoring, and dedicated training
programs (such as Women & Leadership), Candriam commits to supporting adiverse succession plan for key roles across its organization.

Fostering Inclusion"Communities" like Women@Candriam amplify diverse voices through various
initiatives and actively participate in industry networks.

5
62023 Milestones:

Active memberof 30% Club

2023 Sustainability Report
2023 Sustainability Report

Tracking genderbalance in promotions

Surveying employee
needs and expectations

Enhancing maternity
leave support

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Expanding impact and employee engagement: Candriam Institute
The Candriam Institute for Sustainable Development saw continued growth in 2023, supporting adiverse portfolio of impact initiatives.

Institute’s Four Key Focus Areas

2023 Initiatives Aligned with Key Focus Areas

Education, Research, and Entrepreneurship:
Providing free training, funding research, and empoweringsocial entrepreneurs

Signing a new partnership with Ashoka focused on venturephilanthropy to support social entrepreneurs in the field of
biodiversity and the environment.

Social Inclusion and Solidarity: Fostering social cohesion,equal opportunities, and emergency response globally

Contributing to the Red Cross's international emergency fundand supporting earthquake victims in Turkey and Morocco.

Protecting the Environment: Restoring natural ecosystems

Restoring peatlands in Belgium and the hydro-ecological
functions of the Retz Forest in France.

Fight Against Cancer: Funding innovative researchand patient care

Participation by over 180 employees in the annual Atlas
Go challenge supporting BIG International's fight against
breast cancer.

Continuing its outreach efforts, Candriam Academy has over 14,500 members across 79 countries and is now
accessible in Japanese.*
By expanding its reach and engaging employees, the Candriam Institute strengthens its positive impact on the world.
Learn more about Candriam Institute on their website.

* As of December 31, 2023.

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Founded in 1938, MacKay Shields LLC joined
New York Life in 1984 and has grown to become a
global asset management boutique focused on fixedincome investing. With $139 billion in AUM,* MacKay
Shields has a presence in the U.S., UK, and Ireland.
The MacKay Shields team comprises approximately
200 professionals who collaborate locally and acrossborders to navigate market cycles to deliver consistent
returns for their clients.

* AUM as of 12/31/2023. AUM is reported in USD.

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Aligning the values of stakeholders
MacKay Shields knows that continued growth requires a stable, balanced foundation.
That’s why the firm’s culture of excellence is grounded in three pillars:
1. Employee commitment
The people who work at MacKay Shields drive everything
the company does for its clients and communities.
Recognizing that people are the firm’s most valuableasset, MacKay Shields invests in the developmentof new skills for career advancement, supports therecruitment of the next generation of leaders, andcelebrates the diverse backgrounds and perspectivesof all colleagues.
In 2023, MacKay Shields partnered with a consulting
firm to enhance the firm’s Diversity, Equity, and Inclusion(DE&I) programs. The partnership resulted in theimplementation of initiatives to support DE&I awarenessand education within the firm.
The varied backgrounds, experiences, and perspectivesof MacKay Shields employees are critical to the firm’s
success, and the company continues to take steps toexpand efforts to support diversity and inclusion acrossthe organization. As of December 31, 2023, 35% of
MacKay Shields’ workforce was female, and 30%
identified themselves as part of an ethnic minority group.
2. Responsible Investing
As a fiduciary entrusted to act in its clients’ bestinterests, MacKay Shields believes that considerationof financially material ESG factors can have an impact
on long-term investment performance and, therefore,
is a natural and important component of disciplined
investment research and management of client portfolios.
Each investment team at MacKay Shields believes thatconsideration of financially material environmental and2023 Sustainability Report
2023 Sustainability Reportsocial risk factors is essential within its distinct
investment philosophy and process in an effort tomeet financial goals and align with client objectives.
To assist its investment teams in their analysis offinancially material ESG factors, over the past year,
MacKay Shields implemented a norms-based indicator
for all investment teams. This indicator will help theseteams proactively identify and assess corporate
issuers that are classified as very severe violators of
the principles of the UN Global Compact. In addition,
as regulations of sustainable finance have continued
to evolve across global jurisdictions, MacKay Shields
investment teams have made enhancements to theirprocesses and procedures to support clients in managing
an increasing number of regulatory obligations. This
involves, but is not limited to, investment teams’
inclusion of data that addresses elements of the EU’s
Sustainable Finance Disclosure Regime.
3. Community Partnership
Volunteering and community service are at the coreof the firm’s culture. MacKay Shields is committed toseeing its local communities thrive, and the firm takes
responsibility for their well-being. From financiallyempowering young people to providing food security
to the elderly, MacKay Shields and its employees haveengaged in annual fundraising campaigns and havevolunteered with mission-driven organizations.
Some of the organizations supported include Invest
in Girls, Fresh Air Fund, STEPtember, and God’s
Love We Deliver.

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Collaboration among employees and external partners
MacKay Shields’ employees are given the resources and tools
to collaborate across disciplines, develop new skills for careeradvancement, participate in the recruitment of the next
generation of leaders, and celebrate the diverse backgrounds
and perspectives of their colleagues.

Education and information-sharing remain the keys tosuccess at MacKay Shields. To complement and assist
investment teams, Responsible Investing specialists
support day-to-day operations and the firm’s strategic
priorities around sustainability research, strategy, and
ESG data integration. Internal working groups have also
been established within and across investment teams,
as well as at the firm level. These teams provide forums
for responsible investment governance and knowledge
development at all levels of the organization.

2023 Sustainability Report
2023 Sustainability Report

In an ever-changing ESG landscape, staying informedof the latest guidance and developments is critical. To
remain current, MacKay Shields is involved in various
industry groups and organizations, including
The Credit Roundtable, UN PRI, the Task Force on
Climate-Related Financial Disclosures, and theEmerging Markets Investors Alliance, which the firm
joined in September 2023.

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U.S. Retail: NYLIM LLC and IndexIQ

New York Life Investments offers a diverse array ofinvestment options for the U.S. market through its retailbusiness. This retail business is divided into two areas:
Mutual funds, closed-end funds, and separately managed
accounts are managed by New York Life Investment
Management LLC (NYLIM LLC), while exchange-traded funds(ETFs) are managed by IndexIQ Advisors LLC (IndexIQ).

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ESG governanceAn ESG Governance Council, comprised of senior
management from both NYLIM LLC and IndexIQ,
guides and oversees the firm’s commitment to theprinciples of the UN PRI while ensuring alignment
with fiduciary duty.
Navigating the evolving landscape: Empoweringclients through education
Fueled by the growing attention and evolving conversations regarding ESG investing in 2023, NYLIM LLC
partnered with Candriam to help provide stakeholders
with the knowledge necessary to navigate this dynamic
field and make informed investment decisions alignedwith their long-term goals. The firms worked together
to produce diverse learning content to better enable
stakeholders to understand how ESG factors can bematerial to investment decisions. The content included
continuing education presentations, thought leadershippieces, podcasts, and videos. Leveraging their combined
expertise, NYLIM LLC and Candriam co-hosted insightfulpresentations at conferences and webinars, shedding
light on the present state and future trajectory of
responsible investing.
This unwavering commitment to education lies at thecore of NYLIM LLC’s value proposition, fostering
a community of empowered investors prepared tonavigate any market environment.

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Investing for impact: Partnerships
for positive change
Supported by the belief that financial solutions can becatalysts for positive change, NYLIM LLC and IndexIQ
have carved a unique path in the U.S. market. The firms
offer strategies that go beyond traditional investing,tackling crucial themes like health and well-being andcleaner oceans. Recognizing that these challenges
require collaboration, NYLIM LLC and IndexIQ joined
forces with leading nonprofit organizations whose
values and goals align with each theme.
NYLIM LLC and IndexIQ proudly support thefollowing organizations with financial contributions
and active participation:•	American Heart Association’s (AHA) Social
Impact Funds: Supporting food security,
economic empowerment, and healthcare accessin underserved communities.
•	American Cancer Society: A leading cancer-fightingorganization with a vision to end cancer for everyone.
•	Girls Who Code: Closing the gender gap intechnology and empowering girls and nonbinary
students with the computing skills needed topursue 21st-century opportunities.
•	National Wildlife Federation (NWF): Uniting all
Americans to ensure that wildlife and people thrive
in a rapidly changing world.
•	Oceana: Combating plastic pollution andsafeguarding our oceans.

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NYLIM LLC and IndexIQ actively encourage employees
to participate in education sessions, community service,
and wellness programs, in line with the nonprofits’ values
and missions. From co-hosting educational webinars
on gardening with the NWF to appearing in Oceana’s
Supporter Spotlight, NYLIM LLC and IndexIQ’s
dedication translates to positive impacts acrossMonth by month, making
a difference: Partnership highlights

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communities. Whether joining park cleanups andtackling NYC streets for NWF’s Clean Earth Challengeor participating in walkathons for the AHA’s Social
Impact Funds, team members consistently
championed these important causes.

October:
Breast Cancer
Awareness Month• Virtual walk-a-thonbenefiting American
Cancer Society

February:
Heart Health Month• Virtual walk-a-thonbenefiting AHA• Wear Red Day to show
support for the awarenessof heart disease and stroke

June: National
Oceans Month

March: Women’s
History Month• Month-long fundraising
benefiting Oceana• World Refill Day –Awareness campaign
to prevent plastic pollution• Education session
with Equileap, aleading provider ofgender equality,
diversity, andinclusion data

April: Earth Month• Garden for Wildlife
workshop with NWF• Neighborhoodcleanup in NYC for
the Clean Earth Challenge

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In 2023, NYLIM LLC and IndexIQ’s efforts withfour of their nonprofit partner organizations reached
an audience of almost two million people.

Oceana’s Supporter Spotlight
Oceana featured New York Life’s Corporate Vice President of
Sustainability and Corporate Responsibility, Amanda Lechenet, in
the Supporter Spotlight section of their website.
“Oceans not only performessential roles like absorbing
carbon dioxide and providing
food to billions of people;
they play an important role in
the economy, too”, Lechenet
pointed out. “Ninety percent oftrade uses sea routes and it’sa source of jobs for millions
of people…The ocean willcontinue to play a bigger rolein meeting people’s needs
through trade and food.” The blue economy is growing at twice therate of the mainstream economy and already contributes $2.5 trillion
annually to the global economy.

“One of the [investment
solutions] that New YorkLife Investments created
invests in companies
that help ‘protect and/or
achieve cleaner oceans
through reduced pollution
and increased resource
efficiency.’”“[…] New York Life Investments contributes an amount based on
the [product’s] management fee to support Oceana’s campaigns,
including the campaign to reduce the flood of plastic pollution
entering the oceans.”
To read more, click here.

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Investing in tomorrow through education andfostering future leaders
The Advisor Advancement Institute (AAI) at New YorkLife Investments is the educational and practice-building
platform for the growth-minded financial advisor.
Through a mix of research-driven programs and resources,
AAI helps advisors address their most pressing
challenges and perform at their very best. The AAI teamdelivers a flexible experience spanning from immersive
live seminars to actionable on-demand content, meeting
advisors where they are—so they can get to where theywant to be. Additionally, since its launch in 2018, AAI
has made supporting financial education in underserved
communities a significant part of its mission.
In 2023, AAI delivered over 35 interactive workshops
and educational events to underserved communities.
Topics included the basics of investing, money
management for children, financial discussions withaging parents, resume building, and self-assessmentof financial fitness. By offering inclusive and relevant
financial education, AAI continues to play a crucial rolein promoting financial literacy and well-being whileempowering more diverse talent to pursue careers
in finance.

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Furthermore, New York Life Investments continues
to be a proud member of The Equity Collective, acollaboration of 27 wealth and asset management
firms led by Morgan Stanley that have joined forces
to educate, empower, and cultivate the next generationof diverse leaders in finance. Driven by a sharedcommitment to diversity and by working closelywith select organizations—Boys & Girls Clubs, TeamIMPACT, and helloHIVE—the firm has participated inselect engagements throughout the year to createawareness, demystify perceived barriers, and attract
the next generation of leaders to our industry.
Notably, during HIVE’s helloFinance summer program,
Jomil Guerrero, then New York Life’s Chief Diversity
Officer, served as a keynote speaker on a panel withother industry executives, offering valuable insights
into New York Life Investments’ unique culture andimpactful DE&I initiatives. Juanita Jeffrey, Head of
Institutional Marketing at New York Life Investments,
also participated in a panel session at Fordham University for First Year Diversity Scholars, highlighting her
career growth and how diversity has impacted her
journey in the industry.

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Spotlight: Sales teams give backThird Party Distribution’s 2023 annual sales conference
wasn’t just about driving business success—it was
about leaving a lasting positive impact on the community.
Beyond fostering valuable networking and education
for sales professionals, the conference integrated aheartwarming “Give Back” initiative.
This initiative partnered with Boys and Girls Club
Carver Ranches, a local South Florida organization
supporting underprivileged children. Conference
attendees, divided into teams, took part in a uniqueactivity: building red wagons. The enthusiasm waspalpable as each team transformed standard Radio
Flyers into personalized masterpieces, adding custom
designs and creative flair to make them extra special
for their young recipients. By the end of the conference,
14 red wagons, built by 140 attendees, were ready tobring joy and excitement to underprivileged children.

Miles that matter: When every step
empowers communities
Beyond traditional community engagement, the Marketing
department at New York Life Investments embraced aunique initiative in 2023. Every mile ran, walked, or biked
was meticulously tracked, not just for personal fitness,but for a greater purpose. Through New York Life’s
Foundation, these miles and steps were transformed
into valuable volunteer hours and grants.

Award-winning firm
IndexIQ was recognized as the 2023 Best ESG Fixed
Income ETF Issuer ($100m+).*
For more information, click here.

*	On October 27th, 2023, IndexIQ won the Best ESG Fixed Income ETF Issuer ($100m+) for the period of 1/1/2023–12/31/2023. No direct or indirect compensation was paid forthe creation and distribution of this ranking.

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Apogem Capital (“Apogem”) is a leading, muti-strategy
alternatives investor with $41.5 billion* in AUM thatoffers investors access to the middle market’s growthengine through investments in established privatecompanies and funds. Apogem manages a streamlined
suite of capital solutions, including direct lending,junior debt, primary fund investments, secondary
investments, equity co-investments, GP stakes, andprivate real assets.

* AUM as of 12/31/2023. AUM is based on estimates and is subject to change.

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Operating and investing responsibly
Formed in April 2022 through the merger of threefirms with decades of investing experience, Apogem
believes in maintaining distinct responsibilities to its
clients, sponsors, employees, and the communities
in which they live, work, and invest. By operating andinvesting responsibly, Apogem aims to achieve its
goal of generating attractive and sustainable returns,
establishing long-term relationships, mitigating risk,
and capitalizing on value.

Governance

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Prioritizing sustainability: Apogem’s 2023
materiality assessment
In 2023, Apogem undertook a comprehensive ESG
materiality assessment to identify and prioritize thegovernance/economic, social, and environmental
topics most significant to its business, stakeholders,and society.* Prioritizing key areas, Apogem’s 2023
ESG materiality assessment identified the following
topics as most impactful to stakeholders andbusiness performance:

SocialEnvironmental

Responsible investment

Talent attraction, retention, and development

Climate resilience

Corporate governanceDiversity, equity, and inclusion

Carbon emissions

Going forward, Apogem plans to periodically reassess and update this materiality assessment to reflect its
stakeholders’ evolving needs and preferences.

Materiality assessment project overview
Current State Assessment
Built a comprehensive set of potential priority ESG topics through external research, including industry
trends and reporting standards, peer benchmarking, and review of internal documents and practices.
Stakeholder Engagement
Conducted interviews with select stakeholders to understand the ESG issues they deemed mostimportant to Apogem, and refined the ESG material issues list.
Scoring and Prioritization
Scored the ESG material issues using a weighting approach by stakeholder group, resulting
in a draft materiality assessment.
Validation
Conducted a validation workshop with Apogem’s ESG Committee to finalize the materiality matrix.

*	Internal and external stakeholders included Apogem’s senior leadership team, industry peers, thought leadership and industry experts, prominent industry standards
and frameworks, and investors.

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ESG integration in the investment process
Apogem believes that consideration of ESG factors in the investment process is instrumental
to fulfilling its fiduciary duty. Across Apogem’s strategies, these factors are carefully considered andadapted to the specific investment type and asset class. This ensures a systematic analysis ofmaterial ESG-related considerations before committing to an investment decision.*
Apogem offers a broad range of private debt and equity strategies:

Private Equity, including Private Real Assets

Primary Fund
Investments

DirectCo-Investments

Secondary
Investments

Enhancements to Due Diligence:
Private Equity, including Private Real Assets
In 2023, Apogem prioritized enhancing the firm’s
approach to integrating ESG analysis into the private
equity due diligence process. Investment professionals
completed training and began implementing theenhanced approach in Q3 2023. The approach
incorporates reviews by the Head of Sustainability andrelevant investment committees, as well as a proprietary
framework that leverages industry-leading frameworks
and considers material industry-specific andApogem-specific factors to identify potential investmentlevel risks and opportunities, as applicable and relevantto the investment strategy.**

Private Credit

GP Stakes

Direct Lending

Private Credit
The underwriting and analysis of material ESG-related
risk factors are a core part of Apogem’s private credit
due diligence, underwriting, and portfolio management
processes. Apogem’s investment professionals assign
proprietary risk ratings to companies and formally
document findings for investment committees. Materialchanges in ESG risk factors are typically documented aspart of the ongoing portfolio management process, andthe proprietary risk rating is updated, as appropriate.

* The information in this report outlines Apogem’s ESG practices, which were in place as of December 2023.
**	Given the nature of Apogem’s LP Solutions business within its secondaries business – the purchase of LP portfolio(s), the nature of our investments, availability of information, andtiming of commitments varies considerably. ESG practices may therefore differ from those noted within the Private Equity section above.

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Corporate responsibility at Apogem
Apogem recognizes a distinct responsibility toward its employees, its most valuable asset, and its communities.
Through the launch of its Engagement Committee in early 2024, cochaired by the Head of Human Resources andHead of Sustainability, Apogem aims to further support employees and enhance involvement in the communities.
Attracting and Retaining Top TalentCommitment to Community

Apogem prioritizes cultivating a dynamic and supportive environment that attracts, retains, and develops the best talent. Apogem believes in creating anenvironment that is constantly evolving to meet theneeds of its employees. Apogem aims to meet thisneed by offering a collaborative culture, opportunities
for career development, competitive benefits, and acommitment to fostering DE&I.

Apogem recognizes its responsibility to the communities
it serves. In 2023, its second annual company-wide
offsite meeting combined strategic discussions andteam-building activities with community involvement.
Apogem donated sporting equipment and storage
items to the Walt Disney World Boys and Girls
Clubhouse, demonstrating its commitment to making
a positive impact.

Building a Diverse and Inclusive Team

Apogem actively engages its employees in meaningful
volunteer opportunities, fostering a sense of responsibility
and collective impact. Highlights from 2023 include:

DE&I is core to Apogem’s mission as an employer
and investor. The firm believes diverse perspectives
and backgrounds are crucial for optimal results.
Leveraging resources from New York Life’s Officeof DE&I, Apogem builds a welcoming and respectful
culture for all employees.

•	93% employee participation in New York Life’s Giving
Campaign, supporting charities of their choice.
•	Volunteering with various organizations, including theBillion Oyster Project in New York City.
•	Partnering with Soles4Souls to collect new or gently
used shoes, raising $2,500 and donating 212 pairs,
equivalent to nearly $12,000 in economic opportunity
for communities worldwide.**	The shoes Apogem donated benefited Soles4Souls’ international 4Opportunity program, in which Soles4Souls repurposes shoes and utilizes them as a tool to help people in need in
the developing world to generate income.

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Tristan Capital Partners (Tristan) is a $17.6 billion* realestate investment management company headquarteredin London, specializing in a range of property types acrossthe UK and Europe. Tristan’s core values of performance,
teamwork, partnership, trust, and integrity support thefirm’s commitment to integrating sustainability standards
and practices at the firm, fund, and asset level.

*	AUM as of 12/31/2023. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/31/2023. AUM is based on estimates and is subject to change.

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Embedding sustainable practices across its portfolio
Tristan’s ESG Policy and Sustainable Development Charter apply to both Tristan’s portfolio and the wider organization.
Learn more and download Tristan’s ESG Policy here.

Tristan evaluates real estate assets using an ESG scorecard, focusing on:

Energy efficiency
and renewable energy
generation

Sustainablebuilding standards
and certifications

Carbon emissions
reduction

2023 Highlights
In 2023, Tristan’s equity portfolios made significant progress in implementing asset-level initiatives to improveenergy efficiency, optimize operational performance, andminimize their environmental impact. Specific examples
include installing electric vehicle (EV) charging points in
car parks, replacing fossil fuel-based heating equipmentwith all-electric heat pump technology, and installingphotovoltaic (PV) systems.
Tristan’s commitment to sustainability extends to its
certification program across its equity portfolio. By theend of 2023, 61% of office investments within Tristan’s
equity funds held green building certifications, such as
BREEAM, LEED, and WELL.* Recognizing the value ofthese standards, Tristan strives to expand the program,aiming to increase office coverage to 84% in 2024, on a
like-for-like basis.

Tristan’s debt strategies also leveraged economic
incentives to promote the completion of energy efficiency
and sustainability improvements, as well as obtaining
certifications throughout 2023.
Tristan further demonstrates its commitment tosustainability by participating in the GRESB Real Estate
Assessments, an internationally recognized framework
for benchmarking ESG performance at the fund level.
In 2023, two of Tristan’s funds saw year-on-year
improvements in their management scores in the module.

* As of 12/31/2023.

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Chaired by founding partner and executive
chairman Ric Lewis, Tristan’s Equality,
Opportunity, and Philanthropy (EOP) Committee
actively fosters an inclusive work environment
through dedicated programs.

Equality, diversity, and inclusion at Tristan

Investing in social good

Highlights from 2023:

Tristan maintains its commitment to social
responsibility through ongoing financial support for
The Black Heart Foundation’s scholarship program,dedicated to improving education for underprivilegedchildren. Additionally, the team actively participatesin community programs like The Giving Tree andHandsOn London, demonstrating their dedication
to local engagement.

•	Step into Real Estate: Continuing its cornerstonesponsorship alongside Goldman Sachs and Eastdil
Secured, Tristan empowers students from underrepresented backgrounds to enter the industry through thisprogram managed by Sponsors for Educational Opportunity London. The second cohort joined in 2023.
•	Women in Tristan: This internal network hosted an
event on “Mentorship vs. Sponsorship” and social
events, attracting colleagues across all levels. It aims
to boost gender representation through events, workshops, sponsorship, and networking opportunities.
•	The Black Heart Foundation: Tristan continues tosupport the 10,000 Black Interns program, whichaims to provide 2,000 internships annually to students
based in the UK, across 24 sectors over five years.

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Ausbil Investment Management Limited (Ausbil) is aleading Australian investment manager. Establishedin 1997, Ausbil’s core business is the managementof Australian and global equities for superannuation
funds, institutional investors, master trusts, and retailclients. As of December 31, 2023, Ausbil manages
over $11 billion* in active Australian and global
equity investments.

*	AUM as of 12/31/2023. AUM includes certain assets, such as model portfolio delivery services, that do not necessarily qualify as Regulatory Assets Under Management,
as defined in the SEC’s Form ADV. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/31/2023.

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Ausbil’s approach

Promoting positive change through engagement

Ausbil’s dedicated ESG Team manages a research
universe of all S&P*/ASX 200 companies, plus specificnames outside the universe that appear in the firm’s
large-cap ASX 300 benchmarked strategies. The ESG
Team manages both qualitative research and quantitative
scoring for each company in their universe. They also
provide ESG training to the wider investment teamand manage Ausbil’s active voting on equity holdings.
In addition, engagements are a fundamental tenet of
Ausbil’s responsible investment approach. To that
end, the team maintains an annual engagement planand engages on ESG issues with individual companies
as well as at conferences, with governments andindustry groups, and nongovernmental organizations.

Ausbil believes investors have a key role to play,either through targeted company-specific engagementsor through collaborative engagement and advocacy
activities, in improving the overall sustainability
practices of companies. Individual endeavor coupledwith focused collaboration can achieve positivechanges to company behavior.
During 2023, Ausbil focused on broad systemic issues
such as climate change and modern slavery/human rights,
as well as more specific issues like corporate culture,
diversity and inclusion, recycling, indigenous rights,
and corporate governance. The firm’s ESG researchalso covered artificial intelligence (AI), regulations,and geopolitical affairs. The firm engaged withcompanies on ESG matters on over 160 occasions.
Most of these engagements dealt with a mix ofdifferent environmental, social, and governanceissues, with social issues being most prevalent at
35% of all engagements.

* © 2024 S&P Dow Jones Indices.

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ESG and sustainability topics addressed in engagements with Australia’s listed companies
Climate change strategy, risks, and opportunities related to climatechange, including regulatory change and physical risks.

14%

Climate change/TCFD reporting and climate change targets (e.g., scope
1, 2, and 3 and science-based targets), climate change AGM resolutions.

6%

Biodiversity, waste, recycling, circular economy, andsustainable packaging.

6%

Customer demand for environmental products and otherenvironmental topics.

4%

Carbon Capture Storage (CCS), hydrogen, direct air capture (DAC)
and renewable energy, sustainable fuel.

2%

Environmental incidents and operational environmental management.

1%

Tailings risk management and rehabilitation.

1%

Culture, staff engagement, diversity, staff conduct, whistleblower
protection, and human capital development.

9%

Responsible sourcing, modern slavery/human rights/labor rights.

8%

Occupational health and safety/mental health.

5%Community relationships, including traditional owners.

4%

Customer hardship/remediation, customer complaints, andcustomer satisfaction.

4%

Social issues related to controversial products (e.g., weapons,
gambling, alcohol, and tobacco).

3%

Industrial relations, staff underpayment.

3%

Executive remuneration.

G

8%

Board composition, board and management succession/renewal.

6%

Other governance (e.g., ESG governance and ESG disclosure, litigation,bribery and corruption, class actions, etc).

3%

ESG disclosure.

2%

Regulatory and legal issues, including AUSTRAC, ASIC,
class actions, and more.

2022 Sustainability Report
2023 Sustainability ReportS

10%

Data privacy and cyber security, AI.

Source: Ausbil, December 31, 2023.

E

1%
0%

5%

10%

15%

20%

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Ausbil’s annual engagement plan includes milestone targets and desired outcomes, aiming to identify and understandglobal best practices and encourage companies to adopt best practices in their own sustainability efforts.
Driving change together: Collaboration for results
Over time, Ausbil has recognized the power of collaborating with other investors seeking similar outcomes.
In 2023, Ausbil’s collaborative efforts included:•	Chairing the Human Rights Working Group of
RIAA (Responsible Investment Association Australasia)
and having a seat on RIAA’s board.
•	Participating on the steering committee of IASTAPAC (Investors Against Slavery and Trafficking–Asia-Pacific).
•	Collaborating in leadership and governance positions
with the IGCC (Investor Group on Climate Change).

Ausbil is an active member andsignatory of key organizations
and initiatives, such as:• Responsible Investment Association
Australasia (RIAA)*• Investors Against Slavery and Trafficking Asia
Pacific (IAST APAC)**• Investor Group on Climate Change (IGCC)• The Plastics Solutions Investor Alliance*	Ausbil has been a member of RIAA since 2003. Måns Carlsson, Head of ESG at Ausbil, currently chairs RIAA’s Human Rights Working Group and also serves as a director of the board.
**	Ausbil has been involved in IAST APAC since 2020 and is on the steering committee, chairs a working group, is an active project leader on one company engagement, and is a
support investor on three other company engagements.

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Headline One
Headline Two

Fighting modern slavery:in Bangladesh and beyond

Ausbil is deeply committed to advancing human rights
and combating modern slavery. This includes humantrafficking, forced labor, child labor, and other exploitative
practices.
proprietaryhuman rights
analysis
SapienisAusbil’s
et occus
minctectem
fugit risk
amusaliqui blaborionsed magnim excea nus cullabor
tool
assesses
approximately
250
companies,
acknowlsundis qui necto exeruptaque postrumentem quodit et eniam qui bernam dest, quibusd
edging the inherent risk present throughout supply
anditem odignis et endande rspelia sit, sequo temodio iliquata quid ulparunt.
chains. Hotspots for exploitation are mapped by industry
and geography, guiding their targeted engagements.
As part of this research, Ausbil conducted a field
trip to Bangladesh in 2023, coinciding with the10th anniversary of the Rana Plaza tragedy, where
over 1,100 garment workers died when a building
collapsed. This research assessed progress madein workplace policies and practices with respect tomodern slavery conditions, and identified remaining
risks in worker protection, safety, human rights, andsocial welfare. Notably, the trip aimed to reinvigorate
investor focus on these critical issues within Bangladesh and the global garment supply chain.

Beyond voluntary reporting, Ausbil leverages its industry leadership to drive change. Through active dialogue
and knowledge sharing, Ausbil champions humanrights and empowers others to join the fight for ethicalpractices across global supply chains.

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Prioritizing a sustainable future: Ausbil’s
climate change approach
Ausbil actively engages on climate change, informedby its proprietary Net Climate Change Risk (NCCR)
tool, which analyzes climate risks and opportunities
for Australian Stock Exchange (S&P/ASX 200) listedcompanies. NCCR is supported by in-depth analysis
done jointly by the ESG research team and Ausbil’s
team of equity analysts. Ausbil’s strategy for climatechange engagement is to pursue company-specificengagements and to participate in collaborative
engagements. Company engagements have largely
focused on three main themes: governance—board
and management oversight of climate change;
strategy—encouraging companies to have climate
strategies in place, including CO2 emissions-reduction
targets as appropriate; and disclosure.

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Influencing change through voting
Ausbil prioritizes corporate governance and uses proxyvoting as a tool to drive positive change on ESG issues.
The firm’s voting policy outlines key principles,emphasizing alignment between shareholder interestsand company performance. This includes demanding
performance hurdles, aligning remuneration withdesired behaviors, and ensuring accountability forpoor performance.
Though supported by proxy advisors, the Ausbil
ESG Research Team ultimately makes its own
recommendations at all meetings at which Ausbil votes
in the S&P/ASX 200 universe. The ESG Research Team’s
recommendations may differ from the recommendationof proxy advisors based on an internal sustainability
assessment. The figure below summarizes the key
voting statistics.

Ausbil 2023 Voting Snapshot
Active voting in 2023
Key against statistics
Vote against proxy recommendation
Vote against board recommendation
Shareholder-proposed resolutions
All voting statistics

Votes
38
37
15
Votes

%

All FOR vote
AGAINST on at least one resolution
ABSTAIN on at least one resolution

117
38
14

69%
22%
8%

Total proxy meeting votes executed over AGM season 2023

169

All voting statistics by resolution

Resolutions%

For
AgainstAbstain

877
56
18

92%
6%
2%

Total resolutions voted on in 2023

951

Source: Ausbil, December 31, 2023.

For more information on Ausbil’s ESG initiatives, please visit their website.

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Kartesia is a European investment management firm thatspecializes in financing small- and mid-market European
companies. Led by the founding managing partners, thefirm has offices across Europe. Kartesia manages more than
$6.6 billion* in assets and relies on a team of approximately
100 experienced professionals across investment andoperating divisions to operate its business.

*	AUM as of 12/31/2023. AUM is reported in USD. AUM not denominated in USD is converted at the spot rate as of 12/31/2023. AUM is based on estimates and is subject to change.

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Leading by example
Kartesia is committed to establishing market-leading
responsible investment practices across its organization.
ESG investing at Kartesia is managed by a fully dedicatedteam made up of two full-time employees, including
the Head of ESG who was recently appointed Partnerin the firm. This team works closely with the legal andcompliance departments to ensure adherence toregulatory requirements, as well as regularly engaging
with investment teams to enable them to be properly
armed with the relevant information to effectively
manage the portfolio.
Further, engaging employees is a key tenet in
Kartesia’s ESG approach. Employees undergo specific
ESG investment training (CANDRIAM Academy, incollaboration with its affiliated boutique, Candriam),and can also participate in various initiatives promoting
diversity, equity, inclusion, and philanthropy, cultivating
a culture of shared responsibility.
Measuring sustainability progress
Kartesia tracks its progress through a range of
metrics across key areas:• ESG and Workforce:o	Dedicated ESG team: two full-time equivalent (FTE)

professionals, including one partner• Engagement:o	Signatory to the UN PRI since 2014o	Member of European Leveraged Finance Association(ELFA)’s Collateralized Loan Obligation (CLO) Investor
Committee and ESG Committees since 2022oMember of France Invest since 2023

2022 Sustainability Report
2023 Sustainability Report• Sustainable Finance Disclosure Regulation (SFDR):o	Six funds classified as Article 8 and one fund as

Article 9 under SFDR
• Impact Investing:o	Three impact deals closed since launching thededicated impact strategy• Climate Action:o	Established climate policy frameworko	56% of loan deals perform a carbon assessmento	100% of loan deals covered by a model-basedcarbon assessmento	100% of loan deals covered by a climate

risk assessment• DE&I:o	43% female employees/53% female junior/31%

female senioro	Diversity of employees, including 27 nationalities

and 26 languages spoken
Portfolio company engagement
In 2023, Kartesia prioritized strengthening engagementwith its portfolio companies on ESG issues. This resulted
in the development of an engagement policy centeredon promoting three long-term ESG topics:
1. Energy Transitiono	Kartesia partnered with a pan-European service

provider specializing in carbon footprint
calculations, reduction initiatives, and offset plans.
This partnership offered a discount on theirservices, exclusively to all Kartesia portfolio
companies. Kartesia actively encouraged portfolio
companies to perform carbon footprint assessments
and establish formal carbon-reduction initiatives.

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Introducing
Our Boutiques

NYL
Investors

2. Fair Working Conditionso	Kartesia systematically investigates fatal accidents

and/or relevant litigation during the corresponding
reporting year within its ESG questionnaire. This
ensures proactive awareness and engagement onthese critical issues.
3. Business Ethicso	Kartesia encourages its portfolio companies tocollaborate with external consultants to develop
comprehensive sustainability strategies. In 2023,
several companies partnered with such consultants, whose proposals included dedicatedsections on governance and ethics. Additionally,
Kartesia launched a specific collaboration with aconsultant to help its portfolio companies navigate
the Corporate Sustainability Reporting Directive(CSRD) obligations.
As of December 31, 2023, Kartesia has engaged with
94% of its loan portfolio companies.
Volunteering and philanthropy
The entire Kartesia team is committed to making
tangible contributions to society through volunteering,philanthropic initiatives, and energy-reduction efforts.
Building upon its dedication to giving back, Kartesia
significantly expanded its philanthropic reach in 2023,
forging two new partnerships.

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

2. National Numeracy (United Kingdom)o	Kartesia Philanthropy is proud to support National

Numeracy, an independent charity founded in 2012
to tackle the issue of low numeracy levels among
adults and children, while also championing theimportance of everyday mathematical skills in the
UK. Beyond financial support, the Kartesia UK
team leads classroom sessions, educating children
on practical numeracy skills. These sessions aim to
help children overcome “math anxiety,” develop a
positive attitude toward math, and build skills thatwill benefit them in future careers.
2023 recognition
Kartesia’s dedication to ESG principles was further
affirmed in 2023, as evidenced by several prestigious
awards from leading private capital and media organizations. Notable recognitions include:•	The “AAA Best GP ESG reporting solution for LPs”
and “AA Best ESG Manager of the Year” awards fromESG AAA European Awards.*•	The “Responsible Investor of the Year 2023” award
from Unquote British PE Awards.**

1. Olivia Hendrickx Research Fund (Belgium)o	Both Kartesia Philanthropy and Kartesia Benelux

portfolio companies provide financial support tothis organization, which seeks to advance pediatriconcology research. Further demonstrating theircommitment, Kartesia members participated in a
20km race to raise additional funds.

*	On October 24th, 2023, Kartesia was honored by the ESG AAA European Awards. The accolades received were: 1. AAA Best GP ESG Reporting Solution for LPs, 2. AA Best ESG Managerof the Year. These awards recognized Kartesia during the time period from January 2022 to December 2022. Importantly, no direct or indirect compensation was involved in obtaining
these awards. For further details on the methodology behind these awards, please refer to this link: https://awards.privateequitywire.co.uk/esg-aaa-european-awards**	On October 3rd, 2023, Kartesia was honored by the Unquote British PE Awards. The accolade received was: 1. Responsible Investor of the Year 2023. This award recognized
Kartesia during the time period from June 2022 to June 2023. Importantly, no direct or indirect compensation was involved in obtaining this prestigious award. For further details on
the methodology behind this award, please refer to this link: https://community.ionanalytics.com/british-private-equity-awards-2023/process2022 Sustainability Report
2023 Sustainability Report47
47

Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

SASB Index
The Sustainability Accounting Standards Board’s (SASB) use of the term “sustainability”
refers to corporate activities that maintain or enhance the ability of the company to create
value over the long term. SASB published 77 industry-specific standards to assist companies with disclosing material information. This index includes aspects of the Insuranceand Asset Management and Custodial Activities Sustainability Accounting Standards,
which covers New York Life Investments.

SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Transparent Information and Fair Advice for Consumers
FN-AC-270a.1: (1) Number and (2)percentage of covered employees witha record of investment-related investigations, consumer-initiated complaints,
private civil litigations, or other regulatory
proceedings

New York Life Investments does not typically disclose this information. Please refer to our registeredinvestment advisers Form ADV filings for information on reportable matters.

FN-AC-270a.2: Total amount of monetary losses as a result of legal proceedings associated with marketing andcommunication of financial product-related information to new and returning
customers

New York Life Investments does not typically disclose monetary losses as a result of legal proceedings except for those required on Form ADV. Please refer to our registered investment advisers
Form ADV filings for information on reportable matters.

FN-AC-270a.3: Description of approach
to informing customers about products
and services

Please see New York Life Investments’ parent company’s report, New York Life 2023 Corporate
Responsibility Report.

2023 Sustainability Report48

Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Employee Diversity and Inclusion
FN-AC-330a.1: Percentage of genderand racial/ethnic group representationfor (1) executive management,(2) non-executive management,(3) professionals, and (4) all other
employees

New York Life Investments’ parent company, New York Life, collects and reports Diversity, Equity,and Inclusion (DE&I) information for employees at certain boutiques. Please see New York Life’s
2023 Corporate Responsibility Report.

Incorporation of Environmental, Social, and Governance Factors in Investment Management and Advisory
FN-AC-410a.1: Amount of assets undermanagement, by asset class, that
employ (1) integration of environmental,social, and governance (ESG) issues,(2) investing, and (3) screening

For New York Life Investments, our total assets under management equals $716 billion as ofDecember 31, 2023.* This is broken down by 65.1% in fixed income, 12.6% in equity, 11.1% inalternative investments, 9.3% in multi-asset, and 1.9% in cash and cash equivalents. Below is
the percentage breakdown by our ESG classifications (see FN-AC-410a.2 for definitions andadditional notes, including on ESG AUM).
Category

% AUM

None

13.3%

ESG Incorporation

81.2%

ESG Focused

4.7%

ESG Impact

0.8%* For detailed information on assets included in AUM, please refer to Who We Are.

2023 Sustainability Report49Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Incorporation of Environmental, Social, and Governance Factors in Investment Management & Advisory
FN-AC-410a.2: Description of approach
to incorporation of environmental,social, and governance (ESG) factors ininvestment and/or wealth management
processes and strategies

New York Life Investments ESG Classification:• None – No ESG approach used.
• ESG Incorporation – Includes assets managed under an ESG Integration approach and/or
Exclusions implemented by boutiques; ESG Integration is defined as an investment approachthat considers or integrates ESG factors alongside other factors to assess the risk/reward profile
of securities; Exclusions implemented by boutiques include exclusionary screens to limit theinvestment universe, alongside the consideration of other factors to assess the risk/reward profile
of securities.
• ESG Focused – ESG Focused includes assets that are managed under an investment approachthat systematically considers ESG factors as a significant part of its investment thesis in order toselect investments. This approach may be used in conjunction with implementing Exclusions and/or may align with environmental or social themes.
• ESG Impact – ESG Impact includes assets that are managed under an investment approach thatseeks to achieve specific ESG impact(s) alongside financial returns. This approach may be used inconjunction with implementing Exclusions and/or may align with environmental or social themes.
Additional notes:• Classifications under these categories may include assets and strategies that are classified differently under other taxonomies or jurisdictions, such as SFDR. Classifications in these categories
should not be expected to align with classifications under other taxonomies or jurisdictions.
• Categories as defined here are based on internal specifications under New York Life Investments’internal taxonomy, which are subject to change. Internal specifications may rely on investment
policies and procedures and/or disclosures related to specific strategies.
• Boutiques may also engage in stewardship to varying degrees. Stewardship can include proxyvoting and engagement with issuers and industry participants, which may yield different results ateach boutique.
• Exclusions may originate from the investment teams at the boutiques or directly from clients orinvestors of the boutiques and may not in all instances be values- or sustainability-based.
• AUM presented under ESG Incorporation, ESG Focused, or ESG Impact may include certain assets that are excluded from ESG analysis and scoring to varying extents at each boutique. Theseassets can include, but are not limited to, cash, cash equivalents, derivatives, short-term money
market funds, U.S. Treasuries, and other sovereign debt, ETFs, mutual funds, or investments in
our proprietary funds.
• AUM presented is based on each advisor’s ESG classifications. Any affiliated and/or unaffiliatedsubadvisors of the underlying strategies and funds presented may classify ESG assets differently.
• AUM as of 12/31/2023. Some AUM presented includes nonpublic equity valuations that may be
as of 9/30/2023.
Boutiques’ responsible investment policies:
Ausbil: ESG Policy
Candriam: ESG Integration Policy; Sustainable Investment Policy
MacKay Shields: Responsible Investing Policies
New York Life Investment Management LLC:
Responsible Investment Policy
NYL Investors: Policy Statement on Responsible InvestingIndexIQ: Responsible Investment Policy
Tristan: ESG Policy, Responsible Investment Policy

2023 Sustainability Report50Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Incorporation of Environmental, Social, and Governance Factors in Investment Management and Advisory
FN-AC-410a.3: Description of proxyvoting and investee engagement policies
and proceduresSome boutiques have standalone proxy voting and engagement policies and procedures in place,or embedded in broader ESG policies, which are provided below:
Ausbil: ESG Policy
Candriam: Proxy Voting Policy; Engagement Policy
MacKay Shields: Proxy Voting Policy and Procedures
New York Life Investment Management LLC:
Proxy Voting Policy and Procedures; Engagement Policy
IndexIQ: Proxy Voting Policy and Procedures; Engagement Policy
Tristan: ESG Policy; Responsible Investment Policy
Apogem and NYL Investors have proxy voting policies in place, but proxy voting opportunities arelimited due to the nature of each boutique’s asset class.

Financed Emissions
FN-AC-410b.1: Absolute gross financed
emissions, disaggregated by (1) Scope
1, (2) Scope 2, (3) Scope 3

New York Life Investments is working on measuring our financed emissions where data is available
and standard calculation methodologies exist.

FN-AC-410b.2: Gross exposure for eachindustry by asset class

New York Life Investments is working on measuring our financed emissions where data isavailable and standard calculation methodologies exist.

FN-AC-410b.3: Percentage of gross
exposure included in the financed emissions calculation

New York Life Investments is working on measuring our financed emissions where data isavailable and standard calculation methodologies exist.

FN-AC-410b.4: Description of methodology used to calculate financed
emissions

New York Life Investments is determining the most appropriate approach, given the different
asset classes our boutiques manage and the different regions in which they operate.

2023 Sustainability Report51Responsible
Investing

About
This
ReportWho WeAre

Navigating the
Evolving Landscapewith Purpose

Introducing
Our Boutiques

NYL
Investors

Candriam

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapitalTristanAusbilKartesia

SASB
Index

SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Business Ethics
FN-AC-510a.1: Total amount ofmonetary losses as a result of legal
proceedings associated withfraud, insider trading, anti-trust,anti-competitive behavior, market
manipulation, malpractice, or otherrelated financial industry laws
or regulations

New York Life Investments does not typically disclose monetary losses as a result of legal
proceedings except for those required on Form ADV. Please refer to our registered investment
advisers Form ADV filings for information on reportable matters.

FN-AC-510a.2: Description ofwhistleblower policies and procedures

New York Life Investments’ boutiques have adopted whistleblower policies and procedures.
These policies generally provide that employees are encouraged to report situations concerning
unethical or violative conduct and can do this in a variety of anonymous and confidential ways.
Furthermore, the policies provide that the boutique will not tolerate any form of retaliation against
an employee. These procedures are intended to create an environment where employees can act
without fear of reprisal or retaliation.
Certain boutiques adhere to New York Life’s Standards of Business Conduct, Working With Integrity.

Metrics
FN-AC-000.A: (1) Total registered and(2) total unregistered assets undermanagement (AUM)

New York Life Investments does not disclose registered and unregistered assets under management.

FN-AC-000.B: Total assets undercustody and supervision

For New York Life Investments’ assets under management (AUM), refer to accounting metric
FN-AC-410a.1 above.

2023 Sustainability Report52

i. Not all strategies, products, and services offered by New York Life Investments and its affiliated boutiques are available in jurisdictions or regions wheresuch provision would be contrary to local laws or regulations. For more information, visit https://www.newyorklifeinvestments.com/who-we-are/our-globalboutiques. Opinions expressed herein are current opinions as of the date appearing in this material only. Investing involves risk, including possible lossof principal. Asset allocation and diversification may not protect against market risk, loss of principal, or volatility of returns. There is no guarantee thatthese investment strategies will work under all market conditions or are suitable for all investors, and each investor should evaluate their ability to invest
long term, especially during periods of downturn in the market. No representation is being made that any account, product, or strategy will, or is likely
to achieve, profits. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied upon for,accounting, legal, or tax advice. Clients should consult their tax or legal advisor regarding such matters. This material is not intended to be relied upon as aforecast, research, or investment advice, and is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt any investment strategy.
Securities are distributed through NYLIFE Distributors LLC, a subsidiary of New York Life Insurance Company, a FINRA/SIPC member.
For Recipients in Australia: This material is prepared by Ausbil Investment Management Limited (Ausbil) ABN 26 076 316 473, AFSL 229722 as of
15 April 2024 and is subject to change. The material is not intended to provide you with financial product advice. It does not take into consideration theinvestment objectives, financial situation, or needs of any person. For this reason, you should, before acting on this material, obtain professional advice
from a licensed financial advisor and read the relevant Product Disclosure Statement which is available at www.ausbil.com.au and the target market
determination which is available at www.ausbil.com.au/invest-with-us/design-and-distribution-obligations.
The views expressed are the personal opinion of the author, subject to change (without notice), and do not necessarily reflect the views of Ausbil. This
information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment ormarket. The actual results may differ materially from those expressed or implied in the material. Ausbil gives no representation or warranty (express or
implied) as to the completeness or reliability of any forward-looking statements. Such forward-looking statements should not be considered as advice
or a recommendation and as such should not be relied upon. To the extent permitted by law, no liability is accepted by Ausbil, its officers or directors, or
any affiliates of Ausbil for any loss or damage as a result of any reliance on this information. While efforts have been made to ensure that the information iscorrect, no warranty of accuracy or reliability is given, and no responsibility is accepted for errors or omissions. Any opinions expressed are those of Ausbil
as of the date noted on the material and are subject to change without notice.
Ausbil Investment Management Limited holds an Australian financial services license (AFS license no. 229722). Each of MacKay Shields LLC, Apogem
Capital LLC, and NYL Investors LLC is exempt from the requirement to hold an Australian financial services license under the Corporations Act of Australia
in respect of the financial services it provides to “wholesale clients” for the purposes of the Corporations Act of Australia, and does not hold an Australianfinancial services license. Any such financial services provided by any of these entities are provided pursuant to ASIC Class Order CO 03/1100. These
three entities are regulated by the U.S. Securities and Exchange Commission under U.S. laws, which differ from Australian laws. Candriam S.C.A., IndexIQ
Advisors LLC, New York Life Investment Management LLC, Tristan Capital Partners LLP, and Kartesia Management S.à r.l. do not hold an Australianfinancial services license.
For Recipients in Korea and Japan:
The material contained herein is for informational purposes only.
No offer of investment advice or solicitation to buy or sell the securities or to participate in any trading strategy is being made by means of this material,
which does not contain information on which you may base an informed investment decision. Further, the information in this presentation does notconstitute the disclosure documents or investment management reports required under the Financial Investment Services and Capitals Markets Act of
Korea or other applicable Korean laws and regulations nor the Financial Instruments and Exchange Act of Japan, the Investment Trusts and Investment
Corporations Act of Japan, or those specified by the listing rules of the Tokyo Stock Exchange. None of New York Life Investment Management Asia
Limited or any of its affiliates makes any representations or warranties as to the accuracy of any information contained herein.
This material is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would becontrary to law or regulation.
This material contains confidential and proprietary information. The distribution or divulgence of this material or their contents to any person, other than the
person to whom they were originally delivered and such person’s advisors, without the prior consent of New York Life Investments is prohibited.
For Recipients in Japan:
Risk and Fees
Investment management based upon the discretionary investment management agreement will invest in assets whose prices fluctuate, so the assets
under management will fluctuate accordingly. It is possible that the total assets value will fall below the original investment. Past performance is not indicativeof future performance. The amount of fees paid to us under the discretionary investment management agreement will be determined based on the asset
amounts, products, investment method, or clients’ demand and other factors, so we cannot indicate the fee rate, maximum amount, etc. in advance.
New York Life Investment Management Asia Limited
Financial Instruments Business Operator, Director of Kanto Local Finance Bureau (Kinsho) No. 2964
A Member of Japan Investment Advisers Association

2023 Sustainability Report53

A Member of Type II Financial Instruments Firms Association
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当資料は、投資助言の提供、有価証券その他の金融商品の売買の勧誘、または取引戦略への参加の提案を意図するものではありません。
また、当資料は、金融商品取引法、投資信託及び投資法人に関する法律または東京証券取引所が規定する上場に関する規則等に基づく開示書類または運用報告書ではありません。New York Life Investment Management Asia Limitedおよびその関係会社は、当資料に記載された情報について正確であることを表明または保証するものではありません。
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当資料は、機密情報を含み、お客様のみに提供する目的で作成されています。New York Life Investment Management Asia Limitedによる事前の許可がな
い限り、当資料を配布、複製、転用することはできません。
投資一任契約に基づく資産運用においては、価格等が変動する資産に投資を行うため、運用資産額もそれに応じて変動し、総運用資産額が当初の投資額を下回るおそれがあります。また、過去の実績は将来の運用成果を示唆するものではありません。投資一任契約に基づき当社にお支払いいただく手数料等の額は、運用資産額、投資商品、投資方法またはお客様のご意向等に応じて決定されますので、手数料率や上限額等をあらかじめお示しすることはできません。

New York Life Investment Management Asia Limited
金融商品取引業者

登録番号

関東財務局長（金商）第2964 号

一般社団法人日本投資顧問業協会会員
一般社団法人第二種金融商品取引業協会会員

newyorklifeinvestments.com

6632175.1

NY040-24

NY40c-06/24