2022
Sustainability
ReportCommitted to
Sustainable
Investing

About
This
ReportLeadership
Spotlight

Who WeAre

Continuing
Our Journey

ESG in Action:
NYL
Candriam
Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Table of Contents
3

Committed to Sustainable Investing

4

About This Report

5

Leadership Spotlight

6

Who We Are

7

Continuing Our Journey

13

ESG In Action: Our Global Impact

14

NYL Investors

18

Candriam

23

MacKay Shields

26

NYLIM LLC and IndexIQ

31

Apogem Capital

33

Ausbil36

Tristan38

Kartesia

40

SASB Index

2022 Sustainability Report
2022 Sustainability Report22Committed to About
Sustainable
This
Investing
ReportLeadership
Spotlight

Who WeAre

Continuing
Our Journey

ESG in Action:
NYL
Candriam
Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Committed to
Sustainable Investing
At New York Life Investments, we’re more than investing — we’re invested:in the long term, in sustainable relationships, and in building a better financial future for ourclients and communities.
We believe companies that function ethically and with the long-term sustainability of their business andthe environment in mind can be better positioned to execute through economic cycles and capitalize on
opportunities to grow over the long term. This is the type of organization we seek to invest in as part ofour focus on building long-term value and upholding our fiduciary duty for our clients.
Financial data alone is not always indicative of future results. As part of our environmental, social, andgovernance (ESG) approach, we look at factors such as corporate citizenship, sustainable operations, humanrights, and employee culture to gain a more comprehensive picture. This holistic approach can enable ourclients to reach their long-term financial goals while building a better world and improving the quality of life
for generations to come.
Over the years, we’ve built a legacy of doing right by our clients. Our commitment to fiduciary duty and being
prudent stewards of our clients’ capital defines New York Life Investments. In the following pages, you’ll see
what each of our boutiques is doing to integrate ESG into their investment analysis, support diverse andinclusive workplaces, and give back to their communities.

ANTHONY R. MALLOYNAÏM ABOU-JAOUDÉExecutive Vice President and Chief Investment Officer

Chief Executive Officer, New York Life Investment
Management1

1. New York Life Investment Management (NYLIM) refers to New York Life’s global multi-boutique third party asset management business.

New York Life Investments3Committed to
Sustainable
Investing

About Leadership
This
Spotlight
ReportWho WeAre

Continuing
Our Journey

ESG in Action:
NYL
Candriam
Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

About This Report
Scope and Boundaries“New York Life Investments,” as used throughout this report, refers to certain affiliated asset managementbusinesses (boutiques) of its parent company, New York Life Insurance Company (New York Life). Theseboutiques include: 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), and NYL Investors LLC (NYL Investors).
This report reflects information covering New York Life Investments from January 1, 2022, throughDecember 31, 2022. The Sustainability Accounting Standards Board Asset Management and Custody
Activities Standard framework is referenced in the Appendix.
New York Life, through its subsidiaries, holds interests in two investment firms, Kartesia and Tristan CapitalPartners (Tristan). While we discuss these firms in this report, they are excluded from any compiled data
(e.g., assets under management, diversity, etc.) provided in the report due to the non-controlling minority
ownership in these firms during the reporting period.

2022 Sustainability Report
2022 Sustainability Report44Committed to
Sustainable
Investing

About Leadership Who We
This
Spotlight
Are
ReportContinuing
Our Journey

ESG in Action:
NYL
Candriam
Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Leadership Spotlight
Meet Anthony Malloy

Meet Naïm Abou-Jaoudé

As Executive Vice President
and Chief Investment Officer
of New York Life, Anthony
Malloy manages New York
Life’s assets, ensuring
they support the long-term
promises and guarantees
that New York Life makes
to its policy owners and clients. His leadership has
helped shape New York Life’s $1 billion impact
investment initiative that aims to address the racial
wealth gap.

Naïm Abou-Jaoudé isthe Chief Executive Officer(CEO) of New York Life
Investment Management(NYLIM). Before being
appointed to the role in2023, Mr. Abou-Jaoudé
served as CEO of Candriam,one of New York Life’s investment management
subsidiaries, and a multispecialist asset manager
and recognized leader in sustainable investing.

“We remain committed to acting as stewards of ourclients’ capital, which compels us to take a holistic
view of risks and opportunities by considering ESG
factors that ultimately can support the long-term
financial goals of our clients.”
Mr. Malloy is also the Chief Executive Officer of
NYL Investors, one of New York Life’s investment
management subsidiaries, which manages mostof New York Life’s General Account assets. He wasappointed to New York Life’s Executive Management
Committee in January 2017.
In addition, Mr. Malloy serves as the Chairman of theBoard of Directors for Good Shepherd Services, whichhelps more than 30,000 youth and family members
who live in struggling neighborhoods throughout New
York City realize their fullest potential.

2022 Sustainability Report
New York Life Investments

Mr. Abou-Jaoudé began serving as CEO of Candriamin 2007 when it was known as Dexia Asset Management. In 2014, he steered the company’s acquisition
by New York Life and its rebranding to Candriam.
Since then, the company has become one of thefastest-growing asset managers in Europe, doubling
its assets under management through productdiversification and geographic expansion.
“Responsible governance and sustainable businesspractices will continue to underpin growth anduncover new long-term development opportunities,
while at the same time allowing us to be bold in
supporting a stronger and more inclusive society.”
In addition to serving as NYLIM’s CEO and leading the
NYLIM Management Committee, Mr. Abou-Jaoudé isalso Chair of New York Life Investment Management
International – a division of NYLIM committed to developing NYLIM’s activities outside the U.S. A passionate
champion of corporate social responsibility and sustainable investing, Mr. Abou-Jaoudé was elected to a
two-year term as President of the European Fund andAsset Management Association in June 2021.

55Committed to
Sustainable
Investing

About
This
ReportLeadership Who We
Spotlight
Are

Continuing
Our Journey

ESG in Action:
NYL
Candriam
Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Who We Are$661
billion2

41.1%

NYL Investors

20.6%

Candriam

17.8%

MacKay Shields

12.4%

New York Life Investment
Management LLC (NYLIM LLC)

5.5%

Apogem Capital

1.4%

Ausbil

1.2%

IndexIQ

Our Global Boutiques

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

Minority-owned
affiliated boutiques

New York, NY
Provides investment
management and financing
solutions for New York Lifeand our valued strategic
partners, focused on fixedincome and real estate.

Luxembourg, Belgium,
France, UK
ESG-focused, active asset
manager with expertise in
fixed income, equity, thematicinvesting, absolute return, asset
allocation and liability-driven
investing for pension funds
and insurance companies.

US, Ireland, UK
Investment firm offering
a range of fixed-income
strategies including investment
grade, high yield, bank loans,and municipals as well as
fundamental equities.

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

New York, NY
Alternatives investment firmwith capabilities spanningprivate credit, private equity,
GP stakes, private real assets,
and long/short equity.

Sydney, Australia
Investment firm with expertise inactive management. Capabilities
across Australian equities andglobal small cap, natural resources
and listed infrastructure.

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

London, UK
European specialist
provider of private capitalsolutions for small andmidsized companies.

New York, NY
New York Life Investment Management LLC (NYLIM LLC) is the advisor to
U.S. retail mutual funds, offering investments strategies managed by affiliatedboutiques and unaffiliated sub-advisors.

2. Assets under management (AUM) includes assets of the investment advisers that make up New York Life Investments as of 12/31/2022. As of 12/31/2022, New York Life Investmentschanged its AUM calculation methodology, and AUM now includes certain assets, such as non-discretionary AUM, external fund selection, and overlay services, including ESG screening
services, advisory consulting services, white labeling investment management services, and model portfolio delivery services, that do not 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 12/31/2022. This total AUM figure 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.

2022 Sustainability Report
2022 Sustainability Report66Committed to
Sustainable
Investing

About
This
ReportLeadership
Spotlight

Who We Continuing ESG in Action:
NYL
CandriamAre
Our Journey Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Continuing
Our Journey
We believe ESG is an effective way to understand investment risk over different time horizons.
Investing in companies that operate responsibly can help contribute to the long-term financial
returns of our clients while supporting a more sustainable future.
Geopolitical tensions, supply chain disruptions,and natural disasters took their toll in 2022—adding
to an already complex investment landscape andcreating new risks for investors. Through it all, we
remained devoted to our fiduciary duty, values, andinvestment principles, and we continue to lean into
our commitments—both as a company and as
individual citizens of the world.

Our core beliefs remain the same, andthey’ll continue to endure in the years
ahead. At New York Life Investments,
we believe:
We can create long-term value by
considering material ESG factors as we makeinvestment decisions.
Addressing environmental challenges can
support a sustainable future.
Investing in people and communities will fuelinnovation, progress, and growth.
These are the beliefs that drive us forward. They
are rooted in our values and orient us toward our
mission: to help our clients reach their financial
goals and to build a better future for our clients,
our employees, and our communities.

2022 Sustainability Report
New York Life Investments

How Our Values Lead to Value for Our ClientsAt New York Life Investments, we believe that creating
value for our stakeholders can go hand in handwith doing what’s good for the world. As investment
professionals, we view material ESG factors ascomponents of investment risk analysis.
And there’s data to support our approach: A reportfrom the New York University Stern Center for
Sustainable Business conducted a meta-analysis of
the relationship between ESG and financial performance from 2015-2020.3 Among other conclusions,the study found:• Improved financial performance due to ESG
becomes more noticeable over longer time horizons.
•	There is a positive correlation between sustainability
initiatives and financial performance, likely due tomediating factors such as improved risk management and increased innovation.
•	ESG integration, broadly speaking as an investment strategy, has historically performed better
than negative screening approaches.

3. ESG and Financial Performance: Uncovering the Relationship by Aggregating
Evidence from 1,000 Plus Studies Published between 2015 – 2020, 2021. https://www.stern.nyu.edu/experience-stern/about/departments-centers-initiatives/
centers-of-research/center-sustainable-business/research/research-initiatives/
esg-and-financial-performance

7
7

Committed to
Sustainable
Investing

About
This
ReportLeadership
Spotlight

Who We Continuing ESG in Action:
NYL
CandriamAre
Our Journey Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

ShareAction
Ranks New YorkLife Investments
No. 11 out of 77
Asset Managers
for Responsible
Investing4

A nonprofit organization focused on advancing
responsible investing to foster economic growth,
ShareAction conducts a biannual survey ofthe largest global asset managers to assess
the ambition, scope, and transparency of theirapproach to responsible investing. Our ranking
reflects our commitment to act in the best
long-term interests of our clients and our belief
that considering materially relevant environmental,social, and corporate governance data canhelp mitigate risks and uncover opportunities.
Read ShareAction’s Point of No Returns 2023
report for more.

4. Rating as of February 2023. Managers were selected based on their assets
under management (AUM) according to IPE’s 2021 Top 500 Asset Managers List
(accessed 27 January 2023). ShareAction is the organization that tabulated therating. For more information, click here: ShareAction’s Point of No Returns 2023.
No compensation was paid for the creation and distribution of this ranking. All
opinions expressed are solely those of ShareAction. For more information about
the methodology, click here: ShareAction.

2022 Sustainability Report
New York Life Investments

88Committed to
Sustainable
Investing

About
This
ReportLeadership
Spotlight

Who We Continuing ESG in Action:
NYL
CandriamAre
Our Journey Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

In 2022, New York Life Investments boutiques uncovered
new opportunities to align investment goals and values,and enhance transparency and accountability.
Advancing Transparency and Progress in
Responsible Investing
One of the ways that transparency and accountability
in ESG investing can be advanced is through participation in investor initiatives and frameworks that support
responsible investing practices.

building certifications, enhanced training for property
managers, and improved fund-level disclosure of ESG
performance. Additionally, Tristan pursued more than
50 new green building certifications in 2022, including
BREEAM, DGNB, LEED, WELL, and Fitwel.
The $1 Billion Impact Investing Initiative

PRI
The United Nations Principles for Responsible Investment (PRI) is an international organization that promotes
incorporating environmental, social, and corporate governance factors into investment decision-making. Everyboutique across the New York Life Investments family isa signatory of the six principles.

Looking to address the racial wealth gap in the UnitedStates by investing in underserved and undercapitalized
communities, New York Life announced a $1 billion
investment initiative in 2021. The initiative is overseen
by NYL Investors. By October 2022, New York Life hadcommitted the full $1 billion.
Impacts of the initiative include:

For more information on the PRI commitment, click here.

• 	Financing 100 small businesses across theUnited States

GRESB• 	Committing to the creation of 15,000 units ofaffordable multifamily rentals

NYL Investors and Tristan Capital Partners bothparticipate in GRESB assessments, a recognizedframework for benchmarking ESG performance inthe real estate sector. Both firms have successfully
improved their scores in the past two years. NYL
Investors’ real estate equity investments, for example,
have shown continued improvement due to including
like-for-like energy reductions, increased green

2022 Sustainability Report
2022 Sustainability Report• 	Financing three homeless shelters as partof New York City’s “Turning the Tide onHomelessness” initiative

9
9

Committed to
Sustainable
Investing

About
This
ReportLeadership
Spotlight

Who We Continuing ESG in Action:
NYL
CandriamAre
Our Journey Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Striving for Greater Diversity
On the journey toward a more inclusive workplace, the financial services industry shows signs of progress. New YorkLife Investments strives to be a leader in the industry in matters of diversity, equity, and inclusion (DE&I). We recognizethat doing so will require continual reflection, dialogue, and action — work we are committed to in order to drive
cultural change both within New York Life Investments and across the industry.
Our ongoing initiatives include:• 	Participating in multiple engagements and events
throughout the year as part of our commitment to
The Equity Collective, a group of 27 wealth and asset
management companies led by Morgan Stanleyand committed to developing the next generationof diverse leaders in the finance industry.
• 	Launching an internal training program called“Bridging Blind Spots,” hosted by New York Life’sDiversity, Equity & Inclusion Center for Awareness andAdvocacy (DE&I Center), encouraging employees of all
backgrounds to reflect on their unique perspectives.

Employees are empowered to identify theirunconscious biases and utilize tools to mitigate themwithin an open, honest, and supportive environment.
• 	Partnering with YearUp, a nonprofit organization
focused on training and placing people of diverse
backgrounds in internships and helping them earn
full-time positions. Since 2013, New York Life
(including New York Life Investments) has hired
over 250 diverse interns, with nearly 45% being
placed at the company either on a full-time orconsultancy basis.

All these initiatives aim to build a more inclusive and diverse workforce
and provide professionals with the skills and knowledge they need tosucceed in the financial services industry. In 2022, New York Life
Investments boutiques have also taken steps to improve diversity andinclusion within their firms. One example: Apogem became a signatoryof the Institutional Limited Partners Association’s Diversity in Action
initiative, which aims to bring together limited partners and generalpartners who share a commitment to advancing DE&I.

2022 Sustainability Report
2022 Sustainability Report

1010Committed to
Sustainable
Investing

About
This
ReportLeadership
Spotlight

Who We Continuing ESG in Action:
NYL
CandriamAre
Our Journey Our Global
Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Giving BackAt New York Life Investments, we’re committed to giving back to our communities through volunteering and charitable work. We encourage our employees to become involved in causes they’re passionate about, supporting themwith paid time off to volunteer and offering charitable match programs in which they can participate. In 2022, ouremployees were actively involved with philanthropic organizations and charitable causes worldwide. Here are a few
examples of how we engaged with our communities — helping to create a better future for everyone.
• 	In partnership with the Henry
Street Settlement and the Urban
Family Center, a team at New
York Life Investments built bicycles for children whose families
can’t afford them, in an effort tosupport healthy lifestyles andindependence at a young age.
The team also worked on a grant
on behalf of the Urban Family
Center and donated to the Henry
Street Settlement.
•	Volunteers partnered with two
New York City shelters to sendbirthday gifts and Halloween
costumes to hundreds of children. In addition, more than 200
backpacks were purchased for
Volunteers of America’s Operation Backpack, and more than

200 sets of slippers, socks, andpajamas were donated to a family
shelter in Brooklyn.
•	The Advisor Advancement Institute (AAI) at New York Life Investments is an educational platform
designed to help financial advisors improve their practices andfoster deeper, more meaningful
relationships with their clients. In
2022, AAI delivered more than
50 interactive workshops andeducational events to membersof disenfranchised communities.
Topics included the basics ofinvesting, money management
for children, financial discussions
with aging parents, resumebuilding, and self-assessmentof financial fitness.

•	The Candriam Institute for
Sustainable Development leads
Candriam’s philanthropic initiatives
as an extension of the firm’s
sustainable investing goals. In
2022, it strengthened its inclusive
youth empowerment program,awarding new scholarships
to first-generation students5
at Maastricht University in the
Netherlands and launching a new
educational program in Belgium tonurture the long-term potential ofdisadvantaged young people. In
2022, Candriam also supported
initiatives to help children affectedby the devastating floods inPakistan and people uprooted
by the war in Ukraine.

5. Candriam defines first generation students as students from non-academic backgrounds who are the first in their families to follow higher education—university oruniversity of applied sciences.

2022 Sustainability Report
New York Life Investments

1111Committed to
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Investing

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Who We Continuing ESG in Action:
NYL
CandriamAre
Our Journey Our Global
Investors
ImpactOur Historic Headquarters, Built on Sustainability
New York Life’s office at 51 Madison Avenue in New
York City has served as a home base for the operationsof several of our boutiques. One of the few corporate
headquarters of its era to still house its original ownerand developer, the structure underscores the staying
power and community-first ethos that make us who weare today. The building has earned several environmental
credentials for its energy efficiency and low resource use:•	Leadership in Energy and Environmental Design
Existing Building (LEED-EB) Gold certification fromthe U.S. Green Building Council•	Two-star Fitwel certification•	Building Owners & Managers Association of Greater
New York’s Corporate Facility Pinnacle Award
In 2022, the Corporate Services Group at New York
Life, which oversees the dining services in thebuilding, stepped up efforts to reduce waste in a
few important ways:•	To reduce plastic waste: increased use of reusable
trays, wire baskets, and other serverware for in-houseand external catering events.
•	To reduce food waste: partnership with Replate
to donate surplus food to individuals experiencing
food insecurity.

2022 Sustainability Report
2022 Sustainability Report

MacKayShields

NYLIM LLC
& IndexIQ

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Indeed, 51 Madison Avenue is more than a building. It
is a symbol of our belief in continuous improvement andbeing the industry standard.
Responsible Operations
The commitment to sustainability from our parent
company, New York Life, and our boutiques drives ourongoing efforts to understand and better manage our
day-to-day operations.
Initiatives shared by New York Life and certain New YorkLife Investments boutiques include: ew York Life will move from hosting 70% of the comN
pany’s systems and applications onsite to only 10%
to 15%, while shifting the rest to the cloud. This moveprovides the opportunity to work with cloud partners
that prioritize security and sustainability in their facilities, offering greater access to renewable energy and amore efficient power consumption model.
Partnerships were also established with third parties
that repurpose, donate, or recycle IT equipment.
Additionally, New York Life encourages its employees
to live and work sustainably. Eco-friendly actions
include printing less to conserve paper, recycling,
and using remote technology instead of businesstravel when possible. Altogether, these actions are
not only positive for the environment, but are also
more cost-effective for our business.

1212Committed to
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Investing

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Who WeAre

Continuing ESG In
in Action:
NYL
Candriam
Our Journey Our Global Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

ESG inIn Action:
Our Global Impact
Our
Our multi-boutiquemulti-boutique model
model means
means each
each boutiqueboutique draws
draws onon itsits deep
deep domain
domain expertise
expertise toto help
help
clientsreachtheirspecific
financialgoals.
It
is
with
that
same
autonomyandperspective
clients reach their specific financial goals. It is with that same autonomy and perspective thatthat
theboutiques
are
able
to
integrate
ESG
considerations
into
their
investment
approaches
the boutiques are able to integrate ESG considerations into their investment approaches in
in
ways
most
relevanttotheirclients,
asset
classes,andgeographies.
ways most relevant to their clients, asset classes, and geographies.
We
We invite
invite you
you toto explore
explore how
how eacheach boutiqueboutique continues
continues toto drive
drive progress
progress acrossacross thethe industry
industry bybyengagingwithclients,
issuers,
and
peers
to
identify
risks,
collaborateonsolutions,
and
share
engaging with clients, issuers, and peers to identify risks, collaborate on solutions, and sharenewnew learnings
learnings andand best
best practices.
practices.

2022 Sustainability Report
New York Life Investments

13
13

Committed to
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Investing

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ReportLeadership
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Who WeAre

Continuing
Our Journey

ESG in Action:
NYL
Candriam
Our Global Investors
Impact

MacKayShields

NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

A wholly owned subsidiary of New York Life, NYL Investors manages more than$297 billion in assets, which includes the vast majority of New York Life’s General
Account and more than $24 billion in mandates for third-party clients and affiliates.
The NYL Investors ESG Executive Committee is the foundation of the firm’s
governance of responsible investing. This committee, chaired by NYL Investors’head of ESG, includes the CEO and senior executives across NYL Investors andoversees the firm’s ESG strategy and execution. The committee meets regularly
to discuss ESG topics and provide guidance on areas such as ESG processintegration, engagement, and social initiatives.

ESG Process Integration
At NYL Investors, ESG assessments have become a more deliberate component of theirinvestment due diligence process. The investment teams aim to assess material and relevant
ESG factors that can impact the financial performance of a company as part of the firm’s fiduciary
responsibilities toward clients. In addition to ESG factor assessment, a proprietary ESG scoreis applied to corporate bond, structured asset, and private placement issuers held in portfolios
managed on behalf of clients. At the end of 2022, more than 4,200 issuers have been assigned
ESG scores. In 2022, NYL Investors also began to apply a new ESG framework for sovereign
assets, including U.S. Treasuries and government-sponsored entities. The integration processcontinues to expand and evolve as a component of investment due diligence.

6. As of 12/31/2022. NYL Investors changed the assets under management (AUM) calculation methodology as of 12/31/2022, see footnote 2 in the graphic on page 6.

2022 Sustainability Report
2022 Sustainability Report1414Committed to
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Investing

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Who WeAre

Continuing
Our Journey

ESG in Action:
NYL
Candriam
Our Global Investors
Impact

MacKayShields

Education and Engagement

DE&I and Volunteerism

As a signatory of the United
Nations PRI, NYL Investors iscommitted to keeping stakeholders
apprised of the firm’s ESG integration progress. Examples of internal
engagement at NYL Investors
include ESG lunch-and-learns andan ongoing ESG webinar series
for employees. NYL Investors alsocollaborates with other New YorkLife Investments boutiques and New
York Life’s Corporate Responsibility
department to share ESG insights
and best practices.

NYL Investors partners with New
York Life’s Office of Diversity,
Equity, and Inclusion to promoteequal employment opportunities
and workforce diversity, strengthen
diverse procurement practices,
engage in community outreach, andsupport a culture that continuously
evolves by actively welcoming andrespecting different backgrounds
and points of view for the benefitof its employees.

Externally, NYL Investors engages
with investee companies on
financially material ESG topics
and with third-party ESG raters toensure they understand the firm’s
approach, priorities, and progress.
In relation to managing New York
Life’s General Account assets, ESG
trends are discussed within theinsurance peer group and tradeassociations to help shape policy
and advocate for ESG issues
important to the industry. NYL
Investors is committed to keeping
external stakeholders informedof ESG integration progress andchallenges.

2022 Sustainability Report
New York Life Investments

NYL Investors’ employees support
multiple volunteer efforts throughout the year, including Season of
Giving, City Harvest, Volunteersof America-Greater New York’s(VOA-GNY) initiatives Brightening
Birthdays™ and Operation Backpack®, and many more. In 2022,
volunteers sent birthday gifts to
147 children living at two New York
City shelters operated by VOA-GNY
through its Brightening Birthdays™
initiative, provided more than 100
Halloween costumes and purchased
more than 200 backpacks for its
Operation Backpack® campaign.
Additionally, more than 200 sets ofslippers, socks, and pajamas were
donated to a shelter in Brooklyn
serving 98 families for the Seasonof Giving.

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Investing Responsibly for Today
and Tomorrow
In addition to incorporating ESG
factors into the investment due
diligence process, NYL Investors
has found opportunities to invest
in cleaner energy solutions thatwill support the transition to a low
carbon economy. Importantly, theseinvestments are expected to meetthe financial needs of its clients while
contributing to a more sustainable
environment and economy. For
example, the team has invested
in equity infrastructure funds
that invest in renewable power
generation and supply stability,
solar and wind projects, electricvehicle infrastructure, and othersustainable activities. The teamhas also leveraged its expertise instructured finance to invest directlyin solar projects and has financed
the production of green rail cars.

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The $1 Billion Impact Investing Initiative
In April 2021, New York Life announced a $1 billion
impact investment initiative to help address the racial
wealth gap in America by investing in underserved andundercapitalized communities. Overseen by NYL Investors, the original goal was to invest these funds overthree years, but it achieved its $1 billion milestone just
18 months later, in October 2022.
The full effects of these long-term commitments won’t berealized for years. Nevertheless, impacts at the 18-monthmark include:
Financing 100 Small Businesses Acrossthe United States
Through a $200 million commitment in support ofsmall businesses, New York Life plans to make 20-25
venture capital and growth equity limited partnershipcommitments in collaboration with Fairview Capital, aBlack-owned asset manager co-founded by Laurence
Morse, a pioneer in venture funds of funds and social
impact investing. Under Morse’s leadership, Fairview
invests with rigorously selected, diverse fund managers in Black-owned and other diverse businesses thattraditional funders have overlooked. So far, New YorkLife has invested in 100 small businesses across theUnited States, the majority of which are owned or led
by minority or women business leaders. Additionally,
this partnership has allowed New York Life to deploy
investment capital with Base10 Partners, the world’s
largest Black-led venture capital firm by assets undermanagement. Read more about how our work with
Base10 Partners promises to boost the endowments
at historically Black colleges and universities here.

2022 Sustainability Report
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Commitments to the Creation of 15,000 Units of Affordable Multifamily Rentals
Through this initiative, New York Life has invested over $300 million in low-income housing
projects that generate tax credits, providing key equity financing that is the foundation for new
affordable housing construction. Additionally, we have entered into two $50 million financing
arrangements with trusted Community Development Financial Institutions (CDFI)—all of which
create and build generational wealth.
Supporting New York City’s “Turning the Tide on Homelessness” Initiative
New York Life financed three homeless shelters, two of which are new-construction developments
for homeless individuals in Brooklyn and Queens. The third is a rehabilitation of an existing shelterin Brooklyn. Not only do these transactions meet return objectives for General Account investments,
but they also unlock capital for additional shelters that will help those in need transition to morestable housing in a safe and dignified way.
Transparency
As the firm’s ESG strategy evolves and matures, NYL Investors is committed to keeping internaland external stakeholders informed of its progress. As evidence, the ESG team has developed aninternal newsletter for employees and engages with external stakeholders on various ESG topics.
NYL Investors believes responsible investing is a journey that needs to be thoughtfully implemented
to be effective in its outcomes, and the firm is committed to transparency as it moves forward.

In 2022, New York Life demonstrated a deep commitment
to underserved and undercapitalized communities, and that
dedication will be ongoing. New York Life will continue todevelop large-scale solutions and investment structures that
aim to deliver broad and inclusive economic outcomes
linked to job growth, health and wellness, and personaland household advancement.

2022 Sustainability Report
New York Life Investments

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Candriam, a pioneer in sustainable and responsible investing for
more than 25 years, is a global, multispecialist asset manager
headquartered in Luxembourg, with approximately $149 billion in
assets under management.7 A founding signatory of the PRI charterin 2006, the firm’s focus and dedication to drive progress and identify
sustainable opportunities for investors is embedded in its name, which
stands for Conviction AND Responsibility In Asset Management.

Setting a Global Standard in ESG Accountability
Across the firm, Candriam has more than 50 people involved in sustainable
governance and investment. A consistent and aligned approach is achieved
through several strategic committees, such as the Strategic Sustainability
Committee comprised of senior managers, the ESG and CSR Steering
Committees, the Sustainability Risk Committee, and the Proxy
Voting Committee.

7. Candriam changed the assets under management (AUM) calculation methodology as of 12/31/2022, see footnote 2 in the graphic on page 6. AUM not denominatedin USD is converted at the spot rate as of 12/31/2022.

2022 Sustainability Report
2022 Sustainability Report18
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Structurally Integrated
ESG Analysis
Sustainability is at the core of
Candriam’s investment philosophy.
The connection between ESG
principles and the risk/return
profiles of issuers is central to theinvestment approach. This approachis reflected across the firm’s
investment process to help clients
meet their unique objectives.
To execute in the best interest ofclients, Candriam’s in-house ESG
team of 20 experts analyzes thebusiness activities and stakeholder
practices and conducts anorms-based analysis of potentiallycontroversial activities. This process
helps to identify any overarchingrisks. The team also conducts
country-by-country analyses of
ESG risks and opportunities for

ESG in Action:
NYL
Candriam MacKay
Our Global
Investors
Shields
Impactsovereign debt issuers employing
its nuanced proprietary sovereignmodel. Embedding ESG analysis
across the investment process
allows clients to achieve diverse
financial, environmental, and social
objectives while aligning theirportfolios with their values.
Sustainable Investment
Solutions: Notable Strategies
In keeping with Candriam’s
ongoing commitment to sustainable
investing, the firm has sustainablestrategies across all major asset
classes – equities, emerging market
equities, bonds, high-yield bonds,
emerging market bonds, money
markets, private equity impact fundsof funds, and, through partners, realestate and private debt. During2022, Candriam continued to

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expand its sustainable strategy
lineup. As an example, the firm
introduced a sustainable balanced
asset allocation strategy that has
a carbon reduction goal that is
25% below its benchmark index. In
addition, Candriam launched a newthematic strategy investing in companies contributing to sustainable
food production and/or supporting
healthier populations. The strategy
targets global companies activein urban agriculture, precision
farming, organic food, alternative
proteins, and dietary supplements.
Candriam also introduced a global
convertible strategy, committed toa 30% reduction in carbon footprint and a higher ESG score thanits benchmark index.

Embedding ESG analysis across the investment
process allows clients to achieve diverse financial,environmental, and social objectives whilealigning their portfolios with their values.

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Ongoing Engagement and Voting to Improve Outcomes
For over two decades, Candriam has engaged with companies on responsible investing issues through proxyvoting, direct dialogue, collaborative dialogue, and the promotion of sustainable finance.
Priorities in Proxy Voting
Since 2015, Candriam has prioritized a set of topics and principles.

Topics:• Energy transition• Fair working conditions• Business ethics

Principles:• Rights and equal treatment of shareholders• Accuracy of financial information• Independence and accountability of the board

As a responsible investment manager, Candriam is committed to engaging with issuers and exercising its
shareholder voting rights to promote constructive dialogue and positive change. The firm remains committed
to facilitating these necessary conversations among issuers, investors, and the public. For more information on
Candriam’s Stewardship Activities, please visit their website.

Spotlight: Combating Forced Labor in the
Solar Panel Supply Chain
Amid increased evidence of Uyghur forced labor within the solar panel supply chain and new legislation in the
U.S. and the EU to address the issue, Candriam took a lead role in bringing parties together to combat the
problem. By facilitating discussions within the Uyghur Region Engagement Group, Candriam and a coalitionof 70 investors connected with over 60 companies on the issue.
In particular, Candriam engaged with an investee in the solar panel industry, global solar panel supplier
LONGi Green Energy Technology (LONGi), exploring the use of forced labor in the company’s factories.
Throughout the year, the engagement continued, with Candriam communicating best practices and investors’
expectations. Ultimately, LONGi was receptive to the engagement and improved its procedures, audit
process, and supplier code of conduct as a result. Candriam will continue to monitor the company andoffer constructive criticism to management.

2022 Sustainability Report20
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The Candriam Institute for Sustainable Development
The Candriam Institute for Sustainable Development (the Institute) leads the company’s philanthropic initiatives as
an extension of its sustainable investing goals. The Institute supports a portfolio of initiatives balanced across four
impact areas:
1. ESG education and research
The Institute’s flagship education project, Candriam
Academy, marked its fifth anniversary in 2022. As of
December 2022, it has more than 12,000 members in
53 countries. In celebration of these milestones, theacademy content was redesigned to include moretraining modules and languages. Learn more about the
updates here.

In 2022, Candriam also supported solidarity initiatives
to help children affected by the devastating floods inPakistan, as well as families and students uprooted by
the war in Ukraine.
3. Protection of the environment
The Institute’s environmental program continued toinvest in restoring fragile ecosystems that communities
around the world need to sustain their economies.

2. Social inclusion and solidarity
The Institute also strengthened the inclusive youth empowerment program. Candriam awarded new scholarships to first-generation students at Maastricht University in the Netherlands and launched a new educational
program in Belgium to nurture the long-term potentialof disadvantaged young people.

2022 Sustainability Report

4. Fight against cancer
The Institute’s fight against cancer continued unabatedin 2022. The Institute supported 12 leading organizations that are advancing innovative, underresearched,or underfunded cancer research projects, as well as
providing social support and patient care.

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For over 15 years, Candriam’s ESG analysis has embedded
climate mitigation and adaptation across its sustainable
investment strategies.
Environmental Sustainability

Diversity and Inclusion

As the impact of climate change persists, Candriam
maintains its commitment to reduce the environmental
impact of its investments and operations.

Candriam recognizes the importance of supporting adiverse and inclusive workforce. To that end, the firm
has developed a strong collaboration with leading
European business schools and universities to enhance
the inclusivity of its talent acquisition strategy. These
principles are incorporated into enterprise-wide
policies through the firm’s Diversity & Inclusion Charter,
Anti-Harassment and Non-Discrimination Policy, andmandatory education on the prevention of discriminationand harassment.

For over 15 years, Candriam’s ESG analysis has
embedded climate mitigation and adaptation acrossits sustainable investment strategies. In 2021, the firm
became a signatory of the Net Zero Asset Managers
Initiative,8 committing to achieve net-zero carbon
emissions by 2050. To reach this goal, Candriam madenotable progress in 2022 by identifying the scope of thecommitment related to specific portfolios and various
methods for decarbonization. Candriam has mapped
three methods for its portfolio decarbonization to 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 to decarbonization, as
needs can vary across thematic strategies and broadbased diversified strategies with an inherently low
carbon intensity.

Candriam also continues to support a robust culture oflearning across the firm. Managers receive training toraise awareness and encourage diversity and inclusion
practices within their teams. In addition, Candriam
established qualitative and quantitative reporting criteria
to reinforce accountability through several initiatives,
including the Febelfin Charter, Edge Certification, theWorkforce Disclosure Initiative, the French AssetManagement Association, and UN Women.

8. https://www.candriam.com/en/professional/SysSiteAssets/presspage/press/pressrelease/2021/11---2021/pr_nzami-announcement_en.pdf

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Founded in 1938, MacKay Shields joined New York Life in 1984 andhas grown to become a global asset management boutique focusedon fixed income and equity investing. With $129 billion in assets
under management (AUM),9 MacKay Shields has a presence in New
York City; Princeton, New Jersey; Los Angeles; Dublin; and London.
The MacKay Shields team comprises over 200 professionals who
collaborate locally and across borders to navigate market cycles anddeliver consistent returns for their clients.

...continued growth requires a stable,balanced foundation.

9. As of 12/31/2022. MacKay Shields changed the assets under management (AUM) calculation methodology as of 12/31/2022, see footnote 2 in the graphic on page 6.

2022 Sustainability Report23
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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:
Employee Commitment
People drive everything the company does for clients and communities. Every member of the MacKay
Shields team has access to tools
and resources that support collaboration across disciplines. Recognizing that people are its mostvaluable asset, the firm invests inthe development of new skills forcareer advancement, supports therecruitment of the next generation of leaders, and celebrates thediverse backgrounds and perspectives of all colleagues. The supportof senior leadership on initiatives
helps empower employees.
The varied backgrounds, experiences, and perspectives of
MacKay Shields employees are
critical to the firm’s success, andthe company continues to takesteps to expand efforts to support
diversity and inclusion across theorganization. As of December 31,
2022, 35% of MacKay Shields’

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workforce was female, and 30%
identified themselves as part of an
ethnic minority group. Such data
illustrates the firm’s commitment
to making diversity a valued part ofcompany culture and sets MacKay
Shields up to benefit from inclusive
perspectives and contributions in
the years ahead.
Responsible Investing
As fiduciaries entrusted to act intheir clients’ best interest, MacKay
Shields believes that considerationof material ESG factors can havean impact on long-term investment
performance and, therefore, is anatural and important component of
disciplined investment research andmanagement of client portfolios.

Community Partnership
Throughout MacKay’s long history,
volunteering and community service have been at the core of thefirm’s culture. MacKay Shields iscommitted to seeing its local communities thrive, and the firm takes
responsibility for their well-being.
From financially empowering young
people to providing food security to
the elderly, MacKay Shields and its
employees have engaged 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.

Each investment team at MacKay
Shields considers ESG within its
distinct investment philosophy
and process in an effort to meetclient objectives and align withclient values.

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MacKay Shields’ employees are given the resources
and tools to collaborate across disciplines, develop
new skills for career advancement, participate in
the recruitment of the next generation of leaders,and celebrate the diverse backgrounds andperspectives of their colleagues.

Collaboration Among Employees and External Partners
In an ever-changing ESG landscape, staying informed of the latest guidance anddevelopments is critical. To remain current, MacKay Shields is involved in industry
groups and organizations, including The Credit Roundtable, United Nations PRI, andTask Force on Climate-Related Financial Disclosures.
Internally, education and information-sharing remain the keys to success at MacKay
Shields. To complement and assist investment teams, ESG specialists support dayto-day operations and the firm’s strategic priorities around ESG research, strategy,
and integration. Internal working groups have also been established within andacross investment teams, as well as at the firm level. These teams provide forums for
ESG governance and knowledge development at all levels of the organization.
Additionally, MacKay Shields publishes insights on various sustainability-related
topics, which are available on the company website.
Insights and Perspectives into Climate Policy
Passage of the Inflation Reduction Act of 2022 represents a watershed moment in
United States climate policy. To offer perspective, MacKay Shields published a series
that looks at the act’s potential impact on the environment, inflation, and corporate
sectors. Read “Inflation Reduction Act of 2022 – A Look at Key Implications.”

2022 Sustainability Report25
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NYLIM LLC and IndexIQ
U.S. Retail Strategies: New York Life Investment
Management LLC (NYLIM LLC) and IndexIQ
New York Life Investments’ U.S. retail business includes mutual funds
and separately managed accounts, which are managed by New YorkLife Investment Management LLC (NYLIM LLC), in addition to
exchange-traded funds (ETFs) managed by IndexIQ Advisors LLC(IndexIQ). Our U.S. retail business is guided by an ESG GovernanceCouncil comprised of senior management from NYLIM LLC andIndexIQ. The ESG Governance Council is responsible for overseeing
the firm’s commitment to the principles of the PRI and gives strategic
guidance to ESG efforts consistent with our fiduciary duties.

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Candriam
Our Global
Investors
ImpactCommitted to Industry Innovation andCommunity Empowerment
Market volatility over the past year highlighted theimportance of a long-term investment outlook thatholistically considers risks and opportunities.
Factors such as strong internal governance, managementof environmental impacts, and employee satisfaction
could help identify companies that are managing risks
and capitalizing on opportunities. With this long-term
outlook and conviction in the fundamentals of ESG, our
U.S. retail business continued to introduce new ESG
strategies to the U.S. market in 2022. For example, inpartnership with MacKay Shields, IndexIQ launched
an actively managed high-yield strategy focused on
maximizing current income potential while actively
considering ESG risks. In addition, drawing on
Candriam’s long history in ESG investing, IndexIQ
also launched a strategy designed to deliver exposure
to U.S. mid-cap equity securities of companies thatsatisfy ESG criteria developed by Candriam.
Looking ahead, NYLIM LLC and IndexIQ will continue
to assess their offerings, gain insight into their clients’priorities, and create innovative ESG strategies that arealigned with the values of both investors and New YorkLife Investments.

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Community Partners
NYLIM LLC and IndexIQ’s U.S. retail businesses haveintroduced several innovative, ESG-focused strategies
to the U.S. market in recent years. These include
thematic solutions investing in themes such as healthand well-being, clean transportation, gender equality,
and cleaner oceans. Recognizing that collective action
can drive positive change, NYLIM LLC and IndexIQ
have partnered with select nonprofit organizations withvalues and goals that align with each theme.
By offering investment solutions aligned with importantsocial and environmental themes, NYLIM LLC andIndexIQ are proud to support—via financial contributions
and service—the following organizations:• American Heart Association’s Social Impact Funds• National Wildlife Federation• Girls Who Code
• Oceana
Contributions to these nonprofit organizations support
initiatives like improving access to healthy foods inunderserved communities and reducing the amount of
single-use plastic that enters our oceans.

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IndexIQ was proud to receive a 2022 WealthieAward in the New Product Development category
for its Dual Impact Suite Expansion initiative.
Learn more about this recognition here.10

10. IndexIQ is a Wealth Management.com 2022 Industry Award Winner for the category New Product Development for the Dual Impact Suite Expansion initiative. The award wasgiven on September 8, 2022. The time period covered in the assessment was April 2021 through April 2022. No direct or indirect compensation was paid for the creation anddistribution of this award. All opinions expressed are solely those of wealthmanagement.com. For more information about the methodology click here.

NYLIM LLC and IndexIQ employees also had individual
opportunities to support these groups. From co-authoring
blogs and newsletter articles with the National Wildlife
Federation and the American Heart Association (AHA),
to hosting a financial education webinar for employees at
Girls Who Code, team members were able to positively
impact the well-being of their communities. Moreover,many participated in numerous activities and volunteer
events with each organization — such as cleaning up
local parks throughout the year in support of the National
Wildlife Federation’s Clean Earth Challenge and participating in virtual walkathons to raise money for the AHA’s
Social Impact Funds.
In 2022, NYLIM LLC and IndexIQ’s efforts with theirnonprofit partner organizations11 reached an audience ofalmost 3 million people.
Our relationship with these partners extends beyond ourinvestment solutions. We also seek to bring their values
and missions to our employees.

11. Supported nonprofit organizations are the American Heart Association’s Social Impact Funds, the National Wildlife Federation, Girls Who Code, and Oceana.

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Girls Who Code:
Empowerment Through Technology
Founded in 2012, Girls Who Code is a nonprofit organization encouraging more women and nonbinary individuals
to enter the field of computer science by offering educational programs and clubs for students.
Yasmin Chowdhary, daughter of a New York Life Insurance Company employee, learned about Girls Who
Code through an employee education event, and as aresult, she participated in their 2022 Summer Immersion
Program for students in grades nine through 12. The program enabled her to deepen her coding skills while exploring potential career paths in technology. Chowdharyhas since leveraged this experience to launch a websitethat educates young people about mental health.
“Many young people struggle with mental health and needto know they’re not alone,” she says. “Getting professional help and treatment can be a lifesaver. I’m grateful toraise awareness on this important topic using the platform and skills that Girls Who Code provides.”For Chowdhary, the greatest reward of the program
was the bond she formed with the other students. “I
met a group of amazing and supportive girls from allover the country,” she says. “We formed a sisterhoodand continue to encourage each other to this day. It’san experience I’ll never forget.”“Many young people
struggle with mental
health and need to know
they’re not alone.”—Yasmin Chowdhary

For more information on Girls Who Code and its
Summer Immersion Program, visit girlswhocode.com.
For more information on ESG Investing, please see
newyorklifeinvestments.com.

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Promoting Financial Literacy in
Our Communities
The Advisor Advancement Institute (AAI) at New YorkLife Investments is a comprehensive educational
platform designed to help financial advisors improvetheir practices and foster deeper, more meaningful
relationships with their clients. Since its launch in 2018,
AAI has made supporting financial education in underserved communities a significant part of its mission.
In 2022, AAI delivered over 50 interactive workshops
and educational events to disenfranchised 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

New York Life Investmentsrole in promoting financial literacy and well-being
while empowering more diverse talent to pursue
careers in finance.
New York Life Investments is proud to be a memberof The Equity Collective, launched by Morgan Stanley
in late 2021. The Equity Collective is a leading groupof 27 wealth and asset management firms that havejoined forces to educate, empower, and cultivate
the next generation of diverse leaders in the financeindustry. As part of our commitment, New York Life
Investments continues to collaborate with three selectorganizations—Boys & Girls Clubs of America, TeamIMPACT, and hellohive—in driving awareness and participating in education events throughout the year.

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Apogem Capital (Apogem) is an alternatives investor formed in April
2022 by the combination of three firms with decades of investing experience with approximately $40 billion in assets under management.
Apogem offers a broad range of debt and equity strategies that seek tomeet the capital needs of managers and sponsors and provide investors
with an array of choices to match their preferences and risk tolerance.
Apogem’s investment strategies include private credit, private equity, GP
stakes, and private real assets.

Combining Collective ESG Experience Into a Forward-Looking Strategy
Apogem believes that operating and investing responsibly is essential toestablishing long-term relationships, generating attractive returns, mitigatingrisk, and building sustainable businesses. Apogem is enhancing its ESG
processes, establishing strong governance practices, and integrating material
ESG risks and value creation opportunities into investments made by the firm.

12. As of 12/31/2022. Apogem changed the assets under management (AUM) calculation methodology as of 12/31/2022, see footnote 2 in the graphic on page 6.

2022 Sustainability Report31Committed to
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About
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Spotlight

Who WeAre

Continuing
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ESG in Action:
NYL
Candriam
Our Global
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MacKayShields

NYLIM LLC Apogem& IndexIQ Capital

AusbilTristan

Kartesia

SASB
Index

As part of its commitment to ESG, Apogem hired a Head of ESG in October 2022 to oversee and support thedevelopment of its firmwide ESG approach and to chair its ESG Committee. This committee meets quarterly andoversees ESG-related matters, including its ESG policy, internal screening and monitoring processes, communication, and training for the broader Apogem team, as well as PRI reporting. The ESG Committee includes Apogem’s
CEO and CFO, as well as the heads of Apogem’s private equity and private credit businesses, select investment
strategies, and relevant corporate functions. In addition, an ESG Subcommittee supports the ESG Committee by
evaluating and implementing Apogem’s ESG initiatives. The ESG Subcommittee meets monthly and is comprisedof key representatives from each investment strategy and relevant corporate groups.

Commitment to Diversity, Equity,and Inclusion (DE&I)
ILPA Diversity in Action

Looking Ahead

Apogem became a signatory to the Institutional Limited
Partners Association (ILPA) Diversity in Action initiative in April 2023. The ILPA Diversity in Action initiative
brings together limited partners and general partners
who share a commitment to advancing DE&I. As asignatory, Apogem, as both a firm and investor, is committed to engaging in actions that advance DE&I within
its organization and across its industry.

The firm is committed to executing its strategic priorities, which include conducting an ESG materiality
assessment to inform its ESG priority areas, working todevelop ESG commitments, refining its relevant policies, educating and developing its stakeholders, andenhancing its approach to the research and analysis of
ESG topics. Apogem is also an advocate for increasedtransparency and communication with its investors andstakeholders on matters related to responsible investing.

Diversity in Private Equity

Apogem will continue to collaborate with the investment boutiques of New York Life Investments to remain
informed and involved in industry ESG best practices.

In 2021, Apogem commenced an investment approachthat connects emerging and diverse man­agers withcapital, both as a fund investor and as a co-in­vestor.
By investing in this historically underrepresented
segment of private equity, Apogem aims to be an
active participant in further advancing diversity within
private equity while also focusing on delivering strong
investment returns.

13. Diverse individuals include racial/ethnic minorities, women, disabled individuals, veterans, and LGBTQ+ individuals. Fund managers must self-identify as diverse.

New York Life Investments

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ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Ausbil Investment Management Limited (Ausbil) is a leading Australianinvestment manager. Established in 1997, Ausbil’s core business is the
management of Australian and global equities for superannuation funds,
institutional investors, master trusts, and retail clients. As of December
31, 2022, Ausbil manages over $10 billion in active Australian and global
equity investments.14

ESG Integration at Ausbil
Fundamental, proprietary research helps capture the insights that allow active
managers to generate a capital return potential beyond the return of the market sector in which they invest. Ausbil’s in-house investment analysts and ESG
researchers collaborate in an effort to maintain thorough, independent perspectives on ESG opportunities and risks. Ausbil embedded the ESG research teamwithin its larger investment team to empower the ESG team to work side by sidewith equity analysts and portfolio managers. With this deep level of organizational integration, the team can provide ESG-related investment insights, ESG
scores, ESG SWOT (strengths, weaknesses, opportunities, and threats) analysis,
and its perspective on proxy voting. For Ausbil and its clients, the result is proprietary ESG research that seeks to strengthen traditional financial analysis. At ahigher level, it also informs a holistic investment decision-making process acrossAustralian equities and the firm’s global strategies.

14. Ausbil changed the assets under management (AUM) calculation methodology as of 12/31/2022, see footnote 2 in the graphic on page 6. AUM not denominated in USD isconverted at the spot rate as of 12/31/2022.

2022 Sustainability Report33Committed to
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NYLIM LLC
& IndexIQ

ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Ausbil is an active member and signatory of several ESG industry organizations,
including but not limited to:• Responsible Investment Association Australasia (RIAA)15• Investors Against Slavery and Trafficking Asia Pacific (IAST APAC)16• Investor Group on Climate Change (IGCC)17

Supply Chain Analysis in Human Rights
Ausbil is deeply committed to advancing human rights
and combating modern slavery. Among other practices,modern slavery can include human trafficking, slavery,
servitude, forced labor, and child labor.
The firm uses its leadership position within the Australian investment management industry to champion
positive change in these areas. For example, from 2020
to 2022, Ausbil served on an advisory group of expertsthat assisted the Australian government with the effective implementation of the Australian Modern Slavery
Act. The pioneering piece of legislation requires Australian companies with annual consolidated revenue of atleast AU$100 million to report the modern slavery risks
within their organizations and maintain responsible andtransparent supply chains.
As a result of Ausbil’s participation in the development and implementation of this effort, Måns Carlsson, Ausbil’s Head of ESG, was awarded a letter ofcommendation from Anti-Slavery Australia in 2019. In
2022, Carlsson was awarded the Medal of the Orderof Australia in the General Division for service to thesustainable investor sector.

Climate Change

In 2022, Ausbil updated its climatechange policy, which analyzes climate
risks and opportunities around three
climate change scenarios over threetime frames for Australian Stock
Exchange (ASX)-listed companies.
The methodology applies the concept of “net risk,”
which considers the risks and opportunities presented
by physical climate change and transition risk, including
both technology and regulatory change. In addition to
traditional carbon footprint analysis, this research allows
Ausbil to assess climate risk more accurately. It also
guides Ausbil’s company engagement activities
concerning climate change.

15. Ausbil has been a member since 2003. Måns Carlsson, Head of ESG, currently chairs RIAA’s Human Rights Working Group and was recently appointed to the group’s Board of Directors.
16. Ausbil has been involved since 2020 and is on the steering committee, chairs a working group, is an active lead investor on one company engagement, and is a support investor
on three other company engagements.
17. Ausbil is a support investor on six company engagements with the IGCC, a signatory to the Plastics Solutions Investor Alliance, and is involved in the Investor Alliance for Human Rights.

New York Life Investments

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ApogemCapital

AusbilTristan

Kartesia

SASB
Index

Advocacy Through Action

Committed to ESG Thought Leadership

Outlining Ausbil’s stewardship initiatives, the firm
published their 2022 Annual ESG Advocacy andEngagement Report.

In 2022, Ausbil representatives advocated for ESG
issues in speaking engagements for IAST APAC members and the RIAA conferences in Australia and New
Zealand. Ausbil also chaired RIAA’s Human Rights
Working Group and presented on a panel at the ESG
in Real Estate Conference, which focused on ESG
data. Ausbil presented its view that there’s more value
in interpreting ESG data than in the ESG data itself.

Following are the key highlights from 2022:
•	Ausbil undertook ESG-related engagements withcompanies on over 170 occasions, addressing
topics including climate change, human rights andmodern slavery, gender diversity, cybersecurity,
indigenous rights, and corporate culture.
•	Ausbil issued a second voluntary Statement on theModern Slavery Act, informed by the requirementsof the Australian Modern Slavery Act. This statementbuilds on the firm’s in-depth, proprietary ESG
research, focusing on ASX-listed companies’ exposure
to modern slavery risk in operations and supply
chains, as well as company risk management.
•	Ausbil presented to investors and companies atnumerous industry events, focusing on theinvestor’s view on modern slavery and ideas for
mitigating this risk.
•	Ausbil collaborated with other investors to makea submission to the Australian government as partof the official review of the Modern Slavery Act,suggesting amendments to make the legislation
more effective.

In 2022, Ausbil cosigned the 2022 Global Investor
Statement to Governments on the Climate Crisis,
which recognizes that more action is needed to meetthe goal of limiting the planet’s temperature increase
to 1.5 degree Celsius above pre-industrial levels by
the end of this century to avoid the worst impactsof climate change. Ausbil also cosigned the investor
statement on ethical artificial intelligence, organizedby the Collective Impact Coalition for Digital Inclusion.
This collaborative engagement opportunity wasorganized under the umbrella of the World
Benchmarking Alliance.
In the future, Ausbil plans to publish its own sustainability report covering issues such as modern slavery
and forced labor in global supply chains, and climatechange and decarbonization, as well as the importance of a healthy corporate culture.

•	Ausbil provided feedback to the Australian government and to individual companies on their modern
slavery statements.

2022 Sustainability Report35Committed to
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AusbilTristan Kartesia

SASB
Index

Tristan Capital Partners18 (Tristan) is a €15 billion19 real estate investment managementcompany headquartered in London, specializing in a range of property types acrossthe U.K. and continental Europe. Tristan’s core values of performance, teamwork,
partnership, trust, and integrity support the firm’s commitment to embedding ESG
standards and practices at the fund and asset level.

Building Momentum for ESG in Real Estate
Tristan’s ESG strategy is designed to consider market context, legislative drivers, investor
expectations, and the outlook of the Tristan leadership team. Management’s approach toeach issue is outlined within Tristan’s ESG Policy. This policy, along with the Sustainable
Development Charter, dictates the strategy of the entire Tristan portfolio and the Tristanorganization itself. Learn more and download Tristan’s ESG Policy here.
Tristan’s ESG Committee meets quarterly with the firm’s senior leadership team to agree
on the firm’s priority initiatives. Additionally, an independent external consultant, Longevity
Partners, works with Tristan to execute the strategy and manage due diligence across theportfolio for both new and existing assets. Tristan also uses Deepki, a platform formonitoring the environmental footprint of properties, which helps identify methods toreduce the environmental impact and the de-risking of assets.
For strategies subject to Article 8 of the EU’s Sustainable Finance Disclosure Regulation (SFDR),a proprietary ESG scorecard with predetermined ESG criteria is used to quantitatively
measure ongoing progress.

18. This material is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities
or to adopt any investment strategy. The products and services of Tristan Capital Partners are not available in all jurisdictions or regions where such provision would be contrary
to local laws or regulations.
19. As of 12/31/2022.

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Index

The ESG scorecard focuses on the real estate assets and business plans for eachloan and investment, addressing the following criteria and commitments:• Energy efficiency and renewable energy generation–	Aim to reduce energy consumption year over year and increase renewable energy adoption.
– Undertake ESG due diligence.
• Sustainable building standards and certifications–	Undertake sustainability audits and green building certifications to improve energy
efficiency, as well as occupant health and well-being.
• Carbon emissions–	Implement initiatives aimed at reducing energy demand and operational
carbon emissions.

Equality, Diversity, and Inclusion at Tristan
Tristan’s multidisciplinary Equality, Opportunity, and Philanthropy Committee is chaired by the firm’s founding
partner and executive chairman, Ric Lewis. With the committee’s leadership, Tristan initiates programs to foster ahealthy and inclusive working environment. Here are some highlights from the past year:•	In 2022, Tristan became a founding sponsor of theStep into Real Estate program with registered charity
Sponsors for Educational Opportunity London. The
program seeks to level the playing field for students
from underrepresented socioeconomic backgrounds
in the real estate industry. The five-week course provides training and insights to help remove barriers toentry into the sector.
•	Women in Tristan, a networking program for womenat all levels of the business, was launched on International Women’s Day in March 2022. The programis open to everyone at Tristan. The network aims toboost gender representation across the firm’s midto-senior levels through events, workshops, sponsorship, and networking opportunities.

2022 Sustainability Report•	Through its involvement with The Black Heart
Foundation, Tristan has supported the 10,000 Black
Interns program, which seeks to provide 2,000
internships a year for five consecutive years across
24 industry sectors, since its launch in 2021. This initiative is transforming the horizons and prospects ofyoung Black people in the U.K. by offering paid work
experience across industries and world-class training
and development.
•	Tristan continued its sponsorship of the Pension Real
Estate Association Foundation in the U.S. and renewed
its membership to Real Estate Balance, a U.K.
industry group championing diversity and inclusion.
•	The firm also completed its initial net-zero carbon
training session with external provider JLL Sustainability Services.

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AusbilTristan Kartesia SASB
Index

Kartesia20 is a European investment management firm that specializes in financing
small and mid-market European companies. Led by founding managing partners,
the firm has offices in Amsterdam, Brussels, London, Luxembourg, Madrid, Milan,
Munich, and Paris. Kartesia manages more than €5 billion21 in assets and relies ona team of 83 experienced professionals across investment and operating divisions
to operate its business.

A Culture of Responsibility for ESG Investing
As part of its ongoing commitment to ESG, Kartesia has built an experienced team of ESG
professionals but has also prioritized the incorporation of ESG practices, with investment teammembers expected to consider ESG at all stages of the investment cycle.
The ESG team is comprised of one Managing Partner, the Head of CSR & ESG, and one ESG
analyst who supports the investment team in their assessment of ESG risks and opportunities
throughout the investment decision-making process. The ESG team also monitors ESG policies
on an ongoing basis and is responsible for reporting on the ESG performance of Kartesia andits portfolio to investors.
The investment team receives regular ESG training and updates to ensure that they are current
on ESG best practices, regulations, and Kartesia’s internal ESG protocols.

20. This material is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer, or solicitation to buy or sell any securities or to adopt
any investment strategy. The products and services of Kartesia are not available in all jurisdictions or regions where such provision would be contrary to local laws or regulations.
21. As of 12/31/2022

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Closing the gender gap in finance
There is still more work to do, but Kartesia is ahead of the alternatives industry in female representation. As of
March 2023, 40% of Kartesia’s employees are women compared to the broader alternatives industry at 21.3%.

The ESG Due Diligence Process

Volunteering, Philanthropy, and Other Initiatives

The relevant deal team at Kartesia oversees the ESG
due diligence process for loan investments:

The entire team at Kartesia is committed to making
tangible contributions to society through volunteering,philanthropic efforts, and energy reduction. Here are
the highlights:

Origination Phase• 	Conduct negative screening of potential investmentsthat don’t meet ESG standards.
Due Diligence Phase• 	Use holistic ESG scoring to identify and assess
any red flags.
• 	Discuss emerging ESG issues with the deal teamlead, Investment Committee members, and theHead of Portfolio & ESG before approving any deal.
• 	Discuss ESG with company management andpotentially request changes.
Investment Phase• 	Conduct annual ESG questionnaire.
• 	Conduct carbon footprint assessment.
• 	Monitor ESG key performance indicators.
From origination through investment, Kartesia leanson the internal expertise of the ESG team, consultation
with third-party experts, the PRI guidelines, and the
ESG experience of its strategic partner Candriam. In
December 2022, Kartesia also implemented Reporting
21’s platform to facilitate the collecting and monitoringof ESG data going forward.

2022 Sustainability Report• 	In 2022, Kartesia proudly announced the launchof Kartesia Philanthropy under the umbrella of theKing Baudouin Foundation. Kartesia Philanthropy
supports children’s health and education charities
through financial backing and partnership to improve
the quality of life for future generations.
• 	The London team supported the Children’s Book
Project. Thanks in part to their efforts, the charity
donated more than 100,000 books to hundreds ofschools across England.
• 	The Paris office organized a visit to the Adolescentsand Young Adults department of the Institut Curie,which treats young people ages 15-25 who havecancer. Kartesia has been a financial sponsor of theInstitut since 2020.
• 	Luxembourg team members attended the 2022
edition of Run in the Dark, a 5K and 10K race thattakes place in 50 cities worldwide to raise money for
Collaborative Cures.
• 	Kartesia launched an energy reduction mission,guided by its Going Green Charter. Each officeidentifies areas for improvement, reviews energy
efficiency, and implements additional recycling andwaste-reduction initiatives.

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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 overthe long term. SASB published 77 industry-specific standards to assist companies with disclosing material information. This index includes aspects of the Asset Management and Custodial Activities Sustainability Accounting Standard, which covers New York Life Investments.

SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Transparent Information & 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 disclose this information.

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 2022
Corporate Responsibility Report.

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SASB
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SASB Asset Management and Custodial Activities Standard
Accounting Metric

New York Life Investments’ Response

Employee Diversity & Inclusion
FN-AC-330a.1: Percentage of genderand racial/ethnic group representation for (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
2022 Corporate Responsibility Report.

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

For New York Life Investments, our total assets under management equals $661 billion as ofDecember 31, 2022.22 This is broken down by 65.9% in fixed income, 12.4% in equity, 9.6% inalternative investments, 9.6% in multi-asset, and 2.5% in cash and cash equivalents. Below is thepercentage breakdown by our ESG classifications (see FN-AC-410a.2 for definitions and additional
notes, including on ESG AUM).
Category

% AUM

None

13%

ESG Incorporation81%

ESG Focused

5%

ESG Impact

1%

22. Assets under management (AUM) includes assets of the investment advisers that make up New York Life Investments as of 12/31/2022. As of 12/31/2022, New York Life Investmentschanged its AUM calculation methodology, and AUM now includes certain assets, such as non-discretionary AUM, external fund selection, and overlay services, including ESG screening
services, advisory consulting services, white labeling investment management services, and model portfolio delivery services, that do not 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 12/31/2022. This total AUM figure 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.

2022 Sustainability Report41Committed to
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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 and/or respond to investors’ values. 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 jurisdictions, such as SFDR. Classifications in these categories should not be
expected to align with classifications under other 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
at each 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, and investments in
our proprietary funds.
• AUM presented is based on each adviser’s ESG classifications. Any affiliated and/or unaffiliatedsub-advisers of the underlying strategies and funds presented may classify ESG assets differently.
• AUM as of 12/31/2022. Some AUM presented includes non-public equity valuations that may be
as of 9/30/2022.
Boutiques’ responsible investment policies:
Ausbil: ESG Policy
Candriam: Sustainable 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

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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.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
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.

Business Ethics
FN-AC-510a.1: Total amount of monetary losses as a result of legal proceedings associated with fraud, insider trading, anti-trust, anti-competitive behavior,market manipulation, malpractice, orother related 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 of whistleblower 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 unethicalor 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.
Some of our 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 under management (AUM)

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

FN-AC-000.B: Total assets under custody and supervision

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

2022 Sustainability Report

43

“New York Life Investments’’ is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance
Company. New York Life Investments is comprised of certain affiliated asset management businesses (also referred to herein individually as a “boutique”
and collectively as “boutiques”) of its parent company, New York Life Insurance Company. These boutiques include: 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”), and NYL Investors LLC (“NYL Investors”). On April 1, 2022, Madison Capital
Funding, Gold Point Partners, and PA Capital, three alternative investment boutiques affiliated with New York Life, combined to become Apogem Capital.
In this report, our use of the terms “material,” “materiality,” and other similar terms refers to the relevance of environmental, social, and governance topics to adiverse set of stakeholders. We are not using these terms as they are used in the context of financial statements and financial reporting or as used in SEC rules.
ESG Investing Style Risk: Impact investing and/or Environmental, Social, and Governance (ESG) managers may take into consideration factors beyond
traditional financial information to select securities, which could result in relative investment performance deviating from other strategies or broad market
benchmarks, depending on whether such sectors or investments are in or out of favor in the market. Further, certain ESG strategies may limit exposures
found in similar strategies or broad market benchmarks, which could also result in relative investment performance deviating. There is no assurance that
employing ESG strategies will result in more favorable investment performance.
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/ourglobal-boutiques.
Opinions expressed herein are current opinions as of the date appearing in this material only. Investing involves risk, including possible loss of principal.
Asset allocation and diversification may not protect against market risk, loss of principal, or volatility of returns. There is no guarantee that these 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, especiallyduring 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 on for, accounting, legal or tax
advice. Clients should consult your tax or legal advisor regarding such matters. This material is not intended to be relied upon as a forecast, research orinvestment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.
Domestic securities distributed through NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, a wholly owned subsidiary of New York Life
Insurance Company. NYLIFE Distributors LLC is a Member of FINRA/SIPC.
The contents of this report are for informational purposes only and are not intended as investment advice or an offer or solicitation to buy or sell
securities or financial products.
For recipients in Australia: 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 licence 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 Australian financial services license. These three entities are regulated by the US Securities Exchange Commission under US laws,
which differ from Australian laws. Any financial services given to any person by any of these three entities are provided pursuant to ASIC Class Order [CO
03/1100]. Candriam S.C.A. (Candriam), IndexIQ Advisors LLC (IndexIQ), Kartesia, New York Life Investment Management LLC (NYLIM LLC), and Tristan
Capital Partners do not hold an Australian financial services licence.

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For Recipients in Japan: 当資料は、一般的な情報提供のみを目的としています。
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。
当資料は、その配布または使用が認められていない国・地域にて提供することを意図したものではありません。
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

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 not constitutethe disclosure documents or investment management reports required under the Financial Investment Services and Capitals Markets Act of Korea or otherapplicable Korean laws and regulations nor the Financial Instruments and Exchange Act of Japan, the Investment Trusts and Investment Corporations Act ofJapan, 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 managements based upon the discretionary investment management agreement will invest in assets whose prices fluctuate, so the assets undermanagement 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
A Member of Type II Financial Instruments Firms Association

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