# EDGAR Filing Document

**Accession Number:** 0001469192
**File Stem:** 0001469192-26-000068
**Filing Date:** 2026-3
**Character Count:** 24057
**Document Hash:** fc0a0c3a5bf75e5a1db1393ec96208c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001469192-26-000068.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001469192-26-000068

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW YORK LIFE INVESTMENTS FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001469192

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-160918
- **FILM NUMBER:** 26702585

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212 576 7000

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAINSTAY FUNDS TRUST
- **DATE OF NAME CHANGE:** 20090728

## Series and Classes Contracts Data

### NYLI S&P 500 Index Fund (Series ID: S000028525)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000087312 | Investor Class | MYSPX           |
| C000087313 | Class A        | MSXAX           |
| C000087314 | Class I        | MSPIX           |
| C000221659 | SIMPLE Class   | MSXMX           |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;![](img_ebf7e8180cd34f1.jpg)<br>**NYLI S&P 500 Index Fund** | &nbsp;&nbsp;![](img_ebf7e8180cd34f1.jpg)<br>**NYLI S&P 500 Index Fund** | **Summary Prospectus**<br>February 28, 2026  |
| &nbsp;&nbsp;**Class**/Ticker | **A MSXAX Investor MYSPX I MSPIX SIMPLE MSXMX** | **A MSXAX Investor MYSPX I MSPIX SIMPLE MSXMX** |

---

Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus, reports to shareholders and other information about the Fund by going online to dfinview.com/NYLIM, by calling 800-624-6782 or by sending an e-mail to NYLIMShareholderServices@nylim.com. The Fund's Prospectus and Statement of Additional Information, both dated February 28, 2026, as may be amended from time to time, are incorporated by reference into this Summary Prospectus.

**Investment Objective**

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

**Fees and Expenses of the Fund** 

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. In addition, different financial intermediary firms and financial professionals may impose different sales loads and waivers. More information about these and other discounts or waivers is available from your financial professional, in the "Information on Sales Charges" section starting on page 142 of the Prospectus and Appendix A – Intermediary-Specific Sales Charge Waivers and Discounts, and in the "Alternative Sales Arrangements" section on page 150 of the Statement of Additional Information.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Investor Class** | **Investor Class** | **Class I** | **Class I** | **SIMPLE Class** | **SIMPLE Class** |
| **Shareholder Fees (fees paid directly from your investment)** |  |  |  |  |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) | 1.50 | % | 1.00 | % |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of the original offering price or redemption proceeds) |  | <sup>1</sup>  |  | <sup>1</sup>  |  |  |  |  |
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)** |  |  |  |  |  |  |  |  |
| Management Fees (as an annual percentage of the Fund's average daily net assets)<sup>2</sup> | 0.16 | % | 0.16 | % | 0.16 | % | 0.16 | % |
| Distribution and/or Service (12b-1) Fees | 0.25 | % | 0.25 | % |  |  | 0.50 | % |
| Other Expenses | 0.10 | % | 0.38 | % | 0.10 | % | 0.08 | % |
| Total Annual Fund Operating Expenses | 0.51 | % | 0.79 | % | 0.26 | % | 0.74 | % |

---

1. No initial sales charge applies on investments of $1 million or more (and certain other qualified purchases referenced within "Information on Sales Charges" in the Shareholder Guide). However, a contingent deferred sales charge of 1.00% may be imposed on certain redemptions made within 18 months of the date of purchase on shares that were purchased without an initial sales charge. For more information on contingent deferred sales charges, see "Sales Charges" in the Shareholder Guide.

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

**Example**

The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated whether or not you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects the contractual fee waiver and/or expense reimbursement arrangement, if applicable, for the current duration of the arrangement only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;Expenses After** | **Class A** | **Investor** | **Class I** | **SIMPLE** |
|  |  | **Class** |  | **Class** |
| &nbsp;&nbsp;&nbsp;&nbsp;1 Year | $&nbsp;&nbsp;&nbsp;&nbsp; 201 | $&nbsp;&nbsp;&nbsp;&nbsp; 180 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;3 Years | $&nbsp;&nbsp;&nbsp;&nbsp; 311 | $&nbsp;&nbsp;&nbsp;&nbsp; 350 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | $&nbsp;&nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;&nbsp;5 Years | $&nbsp;&nbsp;&nbsp;&nbsp; 431 | $&nbsp;&nbsp;&nbsp;&nbsp; 534 | $&nbsp;&nbsp;&nbsp;&nbsp; 146 | $&nbsp;&nbsp;&nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;10 Years | $&nbsp;&nbsp;&nbsp;&nbsp; 781 | $1068 | $&nbsp;&nbsp;&nbsp;&nbsp; 331 | $&nbsp;&nbsp;&nbsp;&nbsp; 918 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 1% of the average value of its portfolio.

<br> MSSP01 -02/26

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**Principal Investment Strategies**

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

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

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

The Fund is classified as a diversified investment company, as defined under the Investment Company Act of 1940, as amended (the "1940 Act"). However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index, the S&P 500<sup>®</sup> Index, which it seeks to track.

**Principal Risks** 

You can lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. The investments selected by New York Life Investment Management may underperform the market in which the Fund invests or other investments. The Fund may receive large purchase or redemption orders which may have adverse effects on performance if the Fund were required to sell securities, invest cash or hold a relatively large amount of cash at times when it would not otherwise do so.

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

**Market Risk:** Changes in markets may cause the value of investments to fluctuate, which could cause the Fund to underperform other funds with similar investment objectives and strategies. Such changes may be rapid and unpredictable. From time to time, markets may experience periods of stress as a result of various market, economic, social and geopolitical factors (including responses to government actions or interventions), such as the imposition (or the threatened imposition) of tariffs for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions of shares. Certain securities may be difficult to value under such conditions, and such conditions may add significantly to the risk of volatility in the net asset value of the Fund's shares and adversely affect the Fund and its investments.

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

**Equity Securities Risk:** Investments in common stocks and other equity securities are particularly subject to the risk of changing economic, stock market, industry and company conditions and the risks inherent in the ability to anticipate such changes that can adversely affect the value of portfolio holdings.

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

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

**Derivatives Risk:** Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies may be riskier than investing directly in the underlying instrument and often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it originally invested and would have lost had it invested directly in the underlying instrument. Derivatives may be difficult to sell, unwind and/or value. Derivatives may also be subject to counterparty risk, which is the risk that the counterparty (the party on the other side of the transaction) on a derivative transaction will be unable or unwilling to honor its contractual obligations to the Fund. Futures and other derivatives may be more volatile than direct investments in the instrument underlying the contract, and may not correlate perfectly to the underlying instrument. Futures and other derivatives also may involve a small initial investment relative to the risk assumed, which could result in losses greater than if they had not been used. Due to fluctuations in the price of the underlying instrument, the Fund may not be able to profitably exercise an option and may lose its entire investment in an option. To the extent that the Fund writes or sells an option, if the decline in the value of the underlying instrument is significantly below the exercise price in the case of a written put option or increase above the exercise price in the case of a written call option, the Fund could experience a substantial loss. Derivatives may also increase the expenses of the Fund.

**Non-Diversification Risk:** The Fund is classified as a diversified open-end management investment company, as defined under the 1940 Act. However, the Fund may become non-diversified under the 1940 Act without the approval of shareholders solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index, the S&P 500<sup>®</sup> Index, which the Fund seeks to track. A non-diversified fund may have a significant portion of its investments in a smaller number of issuers than a diversified fund. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.

**Regulatory Risk:** The Fund as well as the issuers of the securities and other instruments in which the Fund invests are subject to considerable regulation and the risks associated with adverse changes in laws and regulations governing their operations.

**Market Capitalization Risk:** Investments in securities issued by small-, mid-, or large-cap companies will be subject to the risks associated with securities issued by companies of the applicable market capitalization. Securities of small-cap and mid-cap companies may be subject to greater price volatility,

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significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Smaller capitalization companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities issued by larger companies may have less growth potential and may not be able to attain the high growth rates of successful smaller companies, especially during strong economic periods. In addition, larger companies may be less capable of responding quickly to competitive challenges and industry changes, including those resulting from improvements in technology, and may suffer sharper price declines as a result of earnings disappointments. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.

**Past Performance**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns compare with those of a broad measure of market performance over time. Sales loads, if any, are not reflected in the bar chart. If they were, returns would be less than those shown. The Fund has selected the S&P 500<sup>®</sup> Index to represent a broad measure of market performance and is generally representative of the market sectors or types of investments in which the Fund invests.

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

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

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

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

#### Annual Returns, Class I Shares

#### (by calendar year 2016-2025)
![PerformanceBarChartData(2016:11.57, 2017:21.45, 2018:-4.61, 2019:31.18, 2020:18.12, 2021:28.37, 2022:-18.31, 2023:25.96, 2024:24.67, 2025:17.56)](img_09be342afbed4f1.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Best Quarter** |
| 2020, Q2 | 20.45% |
| **Worst Quarter** | **Worst Quarter** |
| 2020, Q1 | -19.61% |

---

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**Average Annual Total Returns** (for the periods ended December 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>Inception<br>| <br>&nbsp;&nbsp;&nbsp;&nbsp; 1 Year<br> | <br>5 Years<br> | 10 Years or<br>Since<br>Inception |
| Return Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I | 1/2/1991 | 17.56% | 14.12% | 14.51% |
| Return After Taxes on Distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 17.21% | 12.79% | 12.26% |
| Return After Taxes on Distributions and Sale of Fund Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class I |  | 10.64% | 10.99% | 11.25% |
| Return Before Taxes |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1/2/2004 | 15.50% | 13.49% | 13.88% |
| &nbsp;&nbsp;&nbsp;Investor Class | 2/28/2008 | 15.87% | 13.40% | 13.69% |
| &nbsp;&nbsp;&nbsp;SIMPLE Class | 8/31/2020 | 17.01% | 13.47% | 14.12% |
| S&P 500<sup>®</sup> Index<sup>1</sup> | S&P 500<sup>®</sup> Index<sup>1</sup> | 17.88% | 14.42% | 14.82% |

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

After-tax returns are calculated using the highest individual federal marginal income tax rates in effect at the time of each distribution or capital gain or upon the sale of Fund shares, and do not reflect the impact of state and local taxes. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of shares at the end of the measurement period. Actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class I shares. After-tax returns for the other share classes may vary.

**Management**

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

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| | | |
|:---|:---|:---|
| **Manager** | **Portfolio Managers** | **Service Date** |
| New York Life Investment Management LLC | Francis J. Ok, Managing Director | Since 1996 |
|  | Greg Barrato, Director | Since 2023 |

---

**How to Purchase and Sell Shares**

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

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

**Tax Information**

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

**Compensation to Financial Intermediary Firms**

If you purchase Fund shares through a financial intermediary firm (such as a broker/dealer or bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary firm or your financial adviser to recommend the Fund over another investment. Ask your financial adviser or visit your financial intermediary firm's website for more information.

"New York Life Investment Management" is the brand name and service mark used to represent a group of affiliated investment advisors of New York Life Insurance Company, including New York Life Investment Management LLC, a registered investment advisor. Securities distributed by NYLIFE Distributors LLC, 30 Hudson Street, Jersey City, NJ 07302, Member FINRA/SIPC.

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